Economics
China Money Rate Drops to Two-Month Low After PBOC Injects Cash
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China’s benchmark money-market rate fell to a two-month low as the central bank added cash to the system via open-market operations for the first time in a month.
The People’s Bank of China sold 25 billion yuan ($4 billion) of seven-day repurchase agreements that inject funds at 3.55 percent on Thursday, it said in a statement on its website. That resulted in net additions of 10 billion yuan for the week, data compiled by Bloomberg show. The central bank drained 365 billion yuan over the previous four weeks following the Lunar New Year holidays.