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PBC to drain 27b yuan from market

(Global Times)

08:12, May 30, 2012

China's money rates climbed up slightly Tuesday after the central bank drained liquidity through open market operations.

The People's Bank of China (PBC) offered 50 billion yuan ($7.91 billion) worth of 28-day repurchase agreements through its regular open market operations Tuesday, with an interest rate of 2.8 percent. As 23 billion yuan of bank bills and repo operations are due to mature this week, the central bank is set to conduct a net withdrawal of at least 27 billion yuan from the money market during the period.

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