China’s Central Bank Injects $23.4 Billion as Yuan Intervention Drains Funds
ByChina’s central bank added the most funds to the financial system in open-market operations in six months and sold the cheapest treasury deposits in five years as efforts to prop up the yuan strained the supply of cash.
The People’s Bank of China auctioned 150 billion yuan ($23.4 billion) of seven-day reverse-repurchase agreements, according to a statement on its website. That compares with 120 billion yuan maturing Tuesday, leaving a net injection of 30 billion yuan. The PBOC also sold 60 billion yuan of three-month treasury deposits on behalf of the Ministry of Finance at 3 percent, according to a trader who bid at the auction. That’s the least since at least 2010…
China’s Central Bank Injects $23.4 Billion as Yuan Intervention Drains Funds
