China pumps in $14-billion cash as Evergrande's pain roils markets

Extended and severe economic slowdown seems probable, say economists

China injected more cash into its banking system in a sign authorities are seeking to avert a funding squeeze amid a seasonal rise in financing demand and the intensifying debt crisis at China Evergrande.
 

The People’s Bank of China added 90 billion yuan ($14 billion) of funds on a net basis through seven-day and 14-day reverse repurchase agreements on Friday, the most since February. Today was the first time this month it added more than 10 billion yuan short-term liquidity into the banking system on a single day. 

The move comes as the trouble facing China Evergrande Group fuels investor concern