A Chief strategist at the Bank of Communications (BoCom) said the People’s Bank of China (PBoC) injected RMB50 billion into the markets yesterday after interbank lending rates surged amid the cash crunch, Bloomberg reported. Money-market rates jumped to record levels across the board Wednesday with the one-day repurchase rate reaching 12.85% in Shanghai, an intra-day gauge climbing to 30% and the seven-day rate soaring to 10.77%. BoCom’s Hao Hong said the PBoC’s sum, a push to stabilize markets, was supplied through short-term liquidity operations to a single lender with more banks in talks for similar financing.