WASHINGTON, May 6 (Xinhua) -- The U.S. Federal Reserve Monday auctioned 75 billion U.S. dollars in short-term loans to cash-strapped banks to combat the persistent credit crunch.

    The auction was the central bank's 11th such sale aimed at injecting more money into the U.S. banking system since mid-December 2007, when the Fed established its Term Auction Facility to deliver short-term funds to banks that are in need of liquidity.

    The series of auctions so far have pumped 4,350 billion dollars into the banking system.

    The latest auction produced an interest rate of 2.220 percent, lower than the rate of 2.870 percent generated in the previous one, which took place on April 21 and provided 50 billion dollars to banks.

    On May 2, the Fed announced it was boosting the amount of loans auctioned to commercial banks to 150 billion dollars in May, up from the 100 billion dollars in April, continuing its efforts to deal with the effects of the credit crisis.

    The next auction will take place on May 19 and will offer another 75 billion dollars.