China Money Rate Rises a Ninth Straight Day as PBOC Drains Funds

China’s benchmark money-market rate rose for a ninth day, the longest winning streak in a year, as the central bank drained cash from the financial system.

The People’s Bank of China auctioned 46 billion yuan ($7.4 billion) of 28-day repurchase agreements today at a yield of 4 percent, according to a statement on its website. That adds to a net 876 billion yuan that’s been withdrawn since the week-long Lunar New Year holiday ended in early February. China’s Leading Economic Index climbed 0.9 percent last month to 282.4, after increasing 0.3 percent in January, according to Conference Board data issued today.