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Bonds fall as central bank drains funds from system

China Daily | Updated: 2013-02-20 13:54

China's government bonds fell after the central bank drained funds from the financial system for the first time in eight months.

The People's Bank of China conducted 30 billion yuan ($4.8 billion) of 28-day repurchase agreements on Tuesday and didn't offer any reverse contracts that add cash to the money market, according to a statement.

The contracts were offered at a yield of 2.75 percent, unchanged from the previous sale of similar-maturity securities on June 19. "The central bank is probably worried that there is too much money in the banking system," said Wang Huane, a senior trader at Qilu Bank Co in Jinan, the capital of Shandong province.

China Daily - Agencies

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