Economics
China Overnight Rate Climbs to Two-Week High as PBOC Pulls Funds
This article is for subscribers only.
China’s overnight money-market rate climbed to the highest level in almost two weeks as the central bank drained more funds from the financial system.
The People’s Bank of China sold a total of 72 billion yuan ($11.6 billion) of repurchase agreements today, adding to 974 billion yuan withdrawn in the previous seven weeks. The official Purchasing Managers’ Index of manufacturing rose to 50.3 in March from 50.2 in February, the statistics bureau reported today. A gauge from HSBC Holdings Plc and Markit Economics dropped to 48 from 48.5, below the 50 level dividing expansion and contraction.