What's news

PBOC continues to drain liquidity

The People's Bank of China, the central bank, drained 40 billion yuan ($5.8 billion) from the financial system on Wednesday, with the volume of maturing securities exceeding new injections. The PBOC didn't pump any money into the market through open market operations, while 40 billion yuan of securities matured on Wednesday, leading to a net withdrawal of 40 billion yuan. It was the fourth consecutive working day with liquidity drains in the financial system. The PBOC said the liquidity level in the banking system was at a relatively high level, which can offset the impact of maturing securities.

High-tech sector investment surges