Economics
China Money Rate Falls to One-Week Low After PBOC Cash Injection
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China’s benchmark money-market rate dropped to the lowest level in more than a week after the central bank injected cash into the financial system.
The People’s Bank of China added a net 29.1 billion yuan ($4.8 billion) via money-market operations in the last four days, after draining 102.5 billion yuan in the two weeks ended Oct. 25, according to data compiled by Bloomberg. The central bank offered reverse-repurchase agreements on Oct. 29 for the first time in two weeks and again at an auction yesterday, helping bring money-market rates down from the highest levels since June.