China’s central bank has pumped enough cash into the banking system to convince government bond investors that the worst is finally over.Over the past month, the People’s Bank of China has had to work especially hard to rein in borrowing costs after a surge in credit defaults damped commercial lenders’ enthusiasm to make loans. The central bank injected a net US$84 billion in one-year funding and US$8 billion of short-term cash into the financial system in the final five weeks of 2020 alone.The…


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