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PBOC drains cash as money market rate falls

The People's Bank China, the central bank, drained funds from the financial system via money-market operations this week for the first time since April, adding to evidence that short-term borrowing costs are as low as policy makers want them to be. The PBOC conducted 40 billion yuan ($6.4 billion) of reverse-repurchase agreements, which add cash, at 2.5 percent this week, while some 85 billion yuan of the contracts matured.