SHANGHAI: China's central bank will drain 63 billion yuan ($10.14 billion)from the money markets through forward bond repurchase agreements on Tuesday, traders said. The People's Bank of China (PBOC) issued 47 billion yuan worth of 14-day repos and 16 billion yuan in 28-day repos.

Maturing repos will inject a net 232 billion yuan into the banking system this week. The People's Bank of China (PBOC) conducted a net drain of 62 billion yuan from the banking system last week.