On Friday the People’s Bank of China (PBOC) skipped open market operations making the biggest weekly net fund drain in four and a half months.

In a statement on its website, the PBOC said, the move was due to “relatively high banking system liquidity level to absorb factors including maturing reverse repos and government bond issuance”.

Reverse repos worth around 110 billion yuan are due to mature today.

For the week, the PBOC drained a net $69.35 billion (490 billion yuan), the biggest weekly net drain since the week ending on February 21, compared with an injection of 480 billion yuan on a net basis a week earlier.

($1 = 7.0660 Chinese yuan)

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