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PBOC drains funds from money market

The People's Bank of China, the central bank, drained liquidity from the financial system on Tuesday following the largest weekly cash injection in 11 months. The PBOC conducted 30 billion yuan ($4.35 billion) of seven-day reverse repos at an interest rate of 2.55 percent and 20 billion yuan of 14-day reverse repos at 2.7 percent, according to a statement. The PBOC said the operation was aimed at easing the impact on liquidity from government bond issuance and banks moving to meet the requirement of reserved deposits.

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