BEIJING, May 14 (Xinhua) -- China's central bank on Tuesday injected 200 billion yuan (about 29.25 billion U.S. dollars) into the market via the medium-term lending facility (MLF) to offset liquidity pressure from tax payments.

The funds will mature in one year with an interest rate of 3.3 percent, the People's Bank of China (PBOC) said on its website.

The MLF tool was introduced in 2014 to help commercial and policy banks maintain liquidity by allowing them to borrow from the central bank using securities as collateral.

The PBOC suspended reverse repo operations Tuesday and 20 billion yuan reverse repos matured Monday.

In Tuesday's interbank market, the overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, increased 25.63 basis points to 2.4123 percent.