Central bank suspends cash withdrawals

Updated 2017-05-25 17:00:29 Xinhua

China's central bank on Thursday suspended money withdrawals from the market, after draining cash for two consecutive days.

The People's Bank of China (PBOC) conducted 70 billion yuan (about 10.2 billion U.S. dollars) of reverse repos.

The injection saw no cash pumped into or drained from the market on Thursday, offset by 70 billion yuan in maturing reverse repos.

The operations included 60 billion yuan of seven-day reverse repos priced to yield 2.45 percent, and 10 billion yuan of 14-day contracts with a yield of 2.6 percent, according to a central bank statement.

The move followed a net withdrawal of 80 billion yuan from the financial system on Tuesday and Wednesday.

In Thursday's interbank market, the benchmark overnight Shanghai Interbank Offered Rate (Shibor), the cost at which Chinese banks lend to one another, declined by 1.2 basis points to 2.611 percent.

China set the tone of its monetary policy in 2017 as prudent and neutral, keeping an appropriate liquidity level but avoiding excessive liquidity injections.

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