China Money-Market Rate Has Biggest Weekly Jump in Three Months
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China’s benchmark money-market rate had the biggest five-day jump since December after the central bank drained funds from the banking system for a sixth week.
The People’s Bank of China withdrew a net 48 billion yuan ($7.7 billion) this week issuing repurchase agreements, adding to a total of 828 billion yuan removed since the week-long Lunar New Year holidays in early February, data compiled by Bloomberg show. The yuan had a record weekly decline as the China Beige Book survey showed the economy slowed this quarter, and after Federal Reserve Chair Janet Yellen indicated U.S. interest rates could rise six months after the central bank’s bond buying ends.