Banking News
- Central bank drains 12b yuan
Date: 10-Oct-2007 Sources: (Shenzhen Daily)
CHINA'S central bank drained a total of 12 billion yuan from the money market yesterday through an issue of one-year bills and 28-day bond repurchase agreements.
The bank said it drained 8 billion yuan through the repos at 3 percent, using the finance ministry's special bonds as collateral. It also auctioned 4 billion yuan of one-year bills in its regular open market operation at a yield of 3.4447 percent. Money is flowing back to the market after a seasonal spike in demand related to last week's long holiday. A total of 137 billion yuan in central bank bills will mature this week.
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