SHANGHAI (Reuters) - China’s central bank will resume open market operations on Wednesday, injecting 70 billion yuan (8.06 billion pounds) into money markets, traders said.
The People’s Bank of China is injecting 30 billion yuan through seven-day reverse bond repurchase agreements, 20 billion yuan via 14-day reverse repos and 20 billion yuan through 28-day reverse repos, they said.
After the daily injection, the central bank will neither drain nor inject any fresh funds into the money market for the day as 70 billion yuan of reverse repos are due to mature on Wednesday.
The PBOC drained a net 330 billion yuan from the money market last week.
Reporting by the Shanghai Newsroom; Editing by Kim Coghill