Benchmark money-market rate hits 20-month low
China’s benchmark money-market rate fell to a 20-month low as the central bank drained the least cash from the financial system since January. The People’s Bank of China sold 50 billion yuan ($8.2 billion) of 28-day repurchase agreements and 43 billion yuan of 14-day repos on Thursday, it said in a statement, bringing net withdrawals for the week to 70 billion yuan. and existing investors raised $331 million after pricing the IPO at the top end of a marketed range. the currency weaker to engineer more two-way volatility. The yuan climbed 0.16 percent to close at 6.1185 per dollar in Shanghai, according to China Foreign Exchange Trade System prices. It has advanced 0.4 percent in two days.