PBOC net drain of liquidity on first trading day after week-long holiday adds to market concerns about tightening

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The People's Bank of China (PBOC) injected 20 billion yuan liquidity to the banking system via seven-day reverse repurchase agreements (repos) on Thursday, the first trading day after the week-long Spring Festival holidays, while 280 billion yuan worth of reverse repo expires on the same day, leaving a net 260 billion yuan liquidity drained from the market via the open market operation.

The central bank also offered 200 billion yuan of liquidity via its medium-term lending facility (MLF), to roll over the 200 billion MLF loans that mature this month. The interest rate . . .

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