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Central bank drains liquidity from market

The People's Bank of China, the central bank, drained liquidity from the financial system on Wednesday. The PBOC conducted 20 billion yuan ($2.9 billion) of seven-day reverse repos at an interest rate of 2.55 percent and 10 billion yuan of 14-day reverse repos at 2.7 percent, according to a statement. The PBOC said the operation was aimed to stabilize capital supply at the end of the year and maintain reasonably affluent liquidity in the banking system.

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