Bench­mark money-mar­ket rate hits 20-month low

China Daily (Canada) - - BUSINESS -

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.

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