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China c.bank to drain 80 bln yuan via repos-traders

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China c.bank to drain 80 bln yuan via repos-traders
Reuters - Tuesday, April 6

SHANGHAI, April 6 - China's central bank will drain 80 billion yuan in its regular open market operations on Tuesday through 28-day bond repurchase agreements, traders said.

This is in addition to the People's Bank of China's planned drain of 60 billion yuan via the sale of one-year bills later on Tuesday.

A total of 180 billion yuan in central bank bills and bond repurchase agreements will mature this week, leaving the central bank to soak up excessive liquidity from the market.

Last week, the central bank drained a hefty net 163 billion yuan from the market -- the sixth straight week of heavy drains. [CN/MMT] (Reporting by Steven Bian and Jacqueline Wong; Writing by Lu Jianxin)

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