China’s Money-Market Rate Completes Biggest Weekly Drop of 2014
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China’s benchmark rate for loans between lenders completed the biggest weekly drop this year after the central bank scaled back cash withdrawals in its money-market operations.
The People’s Bank of China drained a net 70 billion yuan ($11.4 billion) this week via sales of repurchase agreements, data compiled by Bloomberg showed. That compares with 160 billion yuan last week, and was the smallest amount since the week-long Lunar New Year holiday ended Feb. 6. Shanghai Chaori Energy Science & Technology Co. failed to pay full interest due today on its onshore bonds, according to Vice President Liu Tielong. The yuan rose 0.31 percent this week, rebounding from a record 1.38 percent drop in February.