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Select repurchase sales by central bank drain funds

The People's bank of China, the central bank, drained tens of billions of yuan from the financial system by selling repurchase agreements to targeted financial institutions, according to two people familiar with the matter. The PBOC, which has halted open-market operations for the last six weeks, did not immediately respond to a fax seeking comment. The monetary authority sold more than 100 billion yuan ($16 billion) of seven-, 14- and 28-day contracts to selected institutions recently, Reuters reported on Thursday.