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China’s Repo Rate Drops Most in Six Months as PBOC Injects Cash

China’s benchmark money-market rate fell the most in six months as the central bank pumped money into the financial system, helping ease a cash shortage.

The People’s Bank of China conducted 55 billion yuan ($8.7 billion) of seven-day reverse-repurchase operations today at 3.40 percent, the same rate as when they were last used on Aug. 30, according to a trader at a primary dealer required to bid at the auctions. It also injected 40 billion yuan using 14-day contracts at 3.50 percent, down from 3.55 percent last time.