Economics
PBOC Drains Funds as China Money Rate Declines for a Seventh Day
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China’s central bank drained funds from the money market for the first time in a month as interbank rates fell for a seventh day, signaling cash is ample in the financial system.
The People’s Bank of China sold 15 billion yuan ($2.4 billion) today of 14-day repurchase agreements, which siphon off funds, in open-market operations, according to a statement on its website. That exceeds the 10 billion yuan of such contracts that mature today, data compiled by Bloomberg show. China had a record $49.8 billion trade surplus in August, official figures showed yesterday.