SHANGHAI: China's central bank will drain 10 billion yuan($1.63 billion) from the money markets through 14-day bond repurchase agreements on Thursday, traders said, meaning it will inject a net 45 billion yuan into the market this week.

The People's Bank of China (PBOC) conducted a net injection of 11 billion yuan into the market last week.

The PBOC has now injected a net 24 billion yuan into the market via its open market operations so far in 2014, the first time the figure has turned positive on a net basis, according to Reuters calculations.

The central bank had been stepping up its fund injections since May amid signs that China's economic growth is slowing.

Data showed last week growth in China's factory sector slowed to a three-month low in August as output and new orders moderated.