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China’s Money Rate Jumps Most Since June After PBOC Drains Funds

 
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11/17/2013 08:48 AM

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China’s Money Rate Jumps Most Since June After PBOC Drains Funds
[link to www.bloomberg.com]

China’s benchmark money-market rate jumped the most in almost five months as the central bank drained cash from the financial system for a second week.

The People’s Bank of China’s money-market operations withdrew a net 15 billion yuan ($2.5 billion) in the last four days after draining 5 billion yuan last week, according to data compiled by Bloomberg. The monetary authority auctioned 30 billion yuan of the finance ministry’s three-month deposits to banks at a yield of 6 percent yesterday, the most since June and more than the Shanghai Interbank Offered Rate of 4.71 percent for similar-term funds.

The seven-day repurchase rate, a gauge of funding availability in the banking system, rose 116 basis points, or 1.16 percentage points, to 5.45 percent in Shanghai, according to a weighted average compiled by the National

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