BEIJING -- China's central bank pumped cash into the financial system through open market operations to maintain liquidity in the market Monday.

A total of 800 billion yuan ($121 billion) was injected into the market via the medium-term lending facility (MLF), according to the People's Bank of China.

The funds will mature in one year at an interest rate of 2.95 percent.

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.