The People’s Bank of China injected US$46 billion into the banking system using reverse repurchase agreements to meet the demand for cash in the lead up to the mainland’s weeklong October holiday, Bloomberg reported, citing traders. The cash injection is the highest ever recorded in China by Bloomberg, which began tracking the figures in 2004. The PBoC added the cash to the financial system through US$30 billion of 28-day reverse repurchase agreements and US$16 billion of 14-day contracts. The seven-day repo rate, a measure of funding availability, rose 0.19% to 4.7% as of 4:30 p.m. Tuesday in Shanghai, according to data collected by the National Interbank Funding Center. “Record amounts of reverse repos are to meet the surge in cash demand before the quarter-end and the holidays,” said Liu Junyu, a China Merchants Bank (600036.SH, 3968.HKG) bond analyst.