China central bank makes biggest weekly cash drain via OMO since February

China's central bank skipped open market operations on Friday, making the biggest weekly net fund drain in 4-1/2 months.

FILE PHOTO: Headquarters of the People's Bank of China , the central bank, is pictured in Beijing, China September 28, 2018. REUTERS/Jason Lee

SHANGHAI - China’s central bank skipped open market operations on Friday, making the biggest weekly net fund drain in 4-1/2 months. The People’s Bank of China said Friday’s move was due to “relatively high banking system liquidity level to absorb factors including maturing reverse repos and government bond issuance”, according to a statement on its website.For the week, the PBOC drained a net 490 billion yuan , the biggest weekly net drain since the week ending on Feb. 21, compared with an injection of 480 billion yuan on a net basis a week earlier.

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