China's central bank on Wednesday said it injected a total of 290.57 billion yuan ($44.1 billion) through short- and medium-term liquidity facilities in May to help support credit growth and the slowing economy. That amount of liquidity injections was down from 715.76 billion yuan in April.
The world is getting an object lesson on the problems of having one dominant global currency and even the supposed prime beneficiary, the United States, can see the downside. Alarming bouts of volatility in world financial markets over the past 12 months have been rooted in a fear of what happens when a world with its highest-ever peacetime debt pile faces even a hint of higher interest rates.
China's economy expanded a seasonally-adjusted 1.1% in the first quarter of 2016 from the fourth quarter of last year, National Bureau of Statistics data showed, the lowest quarterly expansion on record since 2010.