China's central bank has provided emergency funding support to commercial banks and will add more cash on Tuesday. That's as the interest rate that banks charge each other for short-term loans has spiked in recent days.

The People’s Bank of China offered 180 (b) billion yuan worth of 21-day and 75 billion yuan worth of 7-day reverse repurchases in the market. It’s the first time since December 23rd that the central bank has offered reverse repos. The seven- and 14-day rates peaked Monday at 10 percent and 7.8 percent, respectively.

That’s according to data from the National Interbank Funding Center. Analysts say the P-B-O-C is attempting to strike a balance by guiding interbank interest rates steadily higher to reduce excess credit growth. The P-B-O-C said Monday that it had provided an unspecified amount of funding to the largest banks via its Short-term Lending Facility. In addition, the central bank will also offer overnight, seven-day, and 14-day funds to smaller banks via its S-L-F.