China Money-Market Rate Rises for a Second Day as Cash Drained

China’s benchmark money-market rate rose for a second day as the central bank drains excess cash released by its intervention to weaken the yuan.

The People’s Bank of China gauged demand for 14- and 28-day repurchase agreements used to siphon off funds, a trader at a primary dealer required to bid at the auctions said before the planned offering tomorrow. The central bank’s scale of intervention in February may have been twice as much as the fourth-quarter pace of $50 billion to $60 billion per month, Mirza Baig, head of foreign-exchange and interest-rate strategy at BNP Paribas SA, wrote in a report today.