China Money Rate Drops for Fourth Day on Ample Cash Supplies
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China’s benchmark money-market rate fell for a fourth day, the longest declining streak in almost two months, after the biggest fund injections by the central bank since January.
The People’s Bank of China added a net 91 billion yuan ($14.6 billion) last week to meet demand before public holidays on May 1 and 2, according to data compiled by Bloomberg. The monetary authority drained 60 billion yuan today by selling 28-day repurchase agreements at 4 percent, according to a statement on its website.