PBoC Ups Cash Removal in Market Ops

The People's Bank of China is set to mark a third week running of net withdrawals in its regular open market operations this week, as RMB 109 billion in repos and fixed-income securities matures this week, National Business Daily reports. The central bank withdrew a net of RMB 49 billion last week, and RMB 10 billion in the week before, the report said.

The PBoC issued RMB 50 billion in one-year notes at 3.1992% and RMB 85 billion in 28-day repos at 2.5% on Tuesday, March 22, keeping rates unchanged from the previous week. The central bank also said it will auction RMB 47 billion in three-month bills on Thursday, March 24.