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PBOC pares repo market injections

The People's Bank of China cut cash injections via open-market operations by almost half on Thursday after money-market rates fell. The central bank offered 70 billion yuan ($10.6 billion) of seven-day reverse-repurchase agreements, compared with 130 billion yuan on Tuesday, the most since September. That resulted in 190 billion yuan of weekly additions when maturing contracts are taken into account, the biggest in almost a year.