WASHINGTON, Aug. 17 (Xinhua) -- The Federal Reserve said on Friday it has pumped 6 billion U.S. dollars into the financial system to help beat back a widening credit crisis.

    The U.S. central bank, which has injected 94 billion dollars into the market since last week, promised it stood ready to release more money if necessary.

    The Federal Reserve also approved a half-percentage point cut in its discount rate on loans to banks on Friday to "promote the restoration of orderly conditions in financial markets."

    The decision means the discount rate, the interest rate that the central bank charges to make direct loans to banks, will be lowered to 5.75 percent from 6.25 percent.

    This is the Fed's new effort to restore calm to financial markets which have been roiled recently by a widening credit crisis triggered by the U.S. subprime market.

    Over the past week, central banks in Europe, Asia and North America have pumped out more than 300 billion in an effort to ward off the widening credit crisis.