As if the pain of the bad PMI was not enough the Chinese central bank added more to it by removing liquidity from the market.China’s central bank drained more funds from the system.
The People’s Bank of China on Thursday morning withdrew another 60 billion yuan ($9.9 billion) from money markets through bond repurchases, reported Xinhua08.com, a financial-services site run by state news agency Xinhua.
The monetary authority has already sucked $17.8 billion out of the banking system this week, aiming to “balance the abundant liquidity” due to a back flow of funds after the week long Lunar New Year holiday, Xinhua08 said.
The People’s Bank of China on Thursday morning withdrew another 60 billion yuan ($9.9 billion) from money markets through bond repurchases, reported Xinhua08.com, a financial-services site run by state news agency Xinhua.
The monetary authority has already sucked $17.8 billion out of the banking system this week, aiming to “balance the abundant liquidity” due to a back flow of funds after the week long Lunar New Year holiday, Xinhua08 said.