(VOVworld) - The People's Bank of China (PBOC), the central bank, pumped 110 billion yuan into the market on Wednesday through medium-term lending facility.

Some economists are calling the cash injections part of a new stimulus package aimed at boosting growth. (Photo: Bloomberg)

A total of 14 financial institutions received money from the central bank for six months at an interest rate of 3.35 percent. In a brief online statement, the bank said the move is aimed at maintaining proper liquidity in the market. The PBOC said it will guide banks to lend the money to small businesses, the agricultural sector and other major sectors in the economy.