China injected cash into the banking system with one-year policy loans for a 12th straight month, as funding demand will rise to bolster economic growth.

The People’s Bank of China offered 1.45 trillion yuan ($200 billion) of cash through its medium-term lending facility — 600 billion yuan more than the 850 billion yuan coming due in November. The net injection was the most since 2016.

All but two analysts surveyed by Bloomberg prior to the operation expected policymakers to inject liquidity on a net basis. The rate on the one-year policy loans was kept at 2.5%.

The injection of extra cash may soothe jitters over a liquidity crunch, as central and local governments are expected to sell more bonds to fund stimulus. Since December 2022, officials have infused more medium-term cash in the wake of a spiraling property sector and slowing demand stoking growth concerns.