PBOC to drain 110 bln yuan via 28-day repos

SHANGHAI: China's central bank will drain 110 billion yuan ($16.7 billion) from the money markets through 28-day bond repurchase agreements on Tuesday, traders said.

The People's Bank of China (PBOC) will mop up 1 billion yuan by selling one-year bills at about 10 a.m. (0200 GMT) on Tuesday.

A total of 205 billion yuan in central bank bills are maturing this week, although no repos are due. Last week, the People's Bank of China conducted a net injection of 103 billion yuan into the market.