PBOC weekly open market operations at a glance

Wed Jul 10, 2013 10:49pm EDT

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SHANGHAI, July 11 (Reuters) - China's central bank held off from open market
operations on Thursday, traders said, meaning it will not drain or inject funds
in the market this week.
    No central bank bills or bond repurchase agreements are scheduled to mature
this week. 
    The PBOC has drained a net 127 billion yuan from the market so far in 2013.
    In addition to regular open market operations, the central bank also
injected additional funds last week to aid institutions facing temporary cash
shortages, the PBOC said in a statement without disclosing the amount. 
    It injected a net total of 1.438 trillion yuan in 2012. The central bank
also reduced banks' required reserve ratio (RRR) twice in 2012, injecting an
estimated 800 billion yuan into the banking system.
    Since then, it has refrained from further cuts to RRR or to interest rates,
instead relying mostly on short-term bond repurchase agreements and three-month
bills to maintain liquidity.
    
For a table on the PBOC's open market operations in 2012, click: 
For information on changes in required reserve ratios, click: 
For information on changes in deposit interest rates, click: 
For information on changes in loan interest rates, click: 
    
    Following is a summary of the PBOC's weekly open market operations this year
(in billions of yuan): 

 Week      Bills    Repos    Reverse  Bills   Repos   Reverse   Net drain (-)
 starting  matured  matured  repos    issued  issued  repos     or injection
                             issued*                  matured*  
    8-Jul                                                                   0
    1-Jul       22       24                                                46
   24-Jun                25                                                25
   17-Jun       18       14                4                               28
   10-Jun                92                                                92
    3-Jun      110       92               18      24                      160
   27-May       30                        22      25                      -17
   20-May      120       38               16      14                      128
   13-May               101               44      92                      -35
    6-May      110       76               10      92                       84
   29-Apr                30                       30                        0
   22-Apr       90       62                       28                      124
   15-Apr                87                      101                      -14
    8-Apr       15       44                       76                      -17
    1-Apr                 5                       30                      -25
   25-Mar                 5                       62                      -57
   18-Mar                40                       87                      -47
   11-Mar                                         44                      -44
    4-Mar                                          5                       -5
   25-Feb                                          5                       -5
   18-Feb                                         50       860           -910
    4-Feb                        860                       198            662
   28-Jan                        180                       121             59
   21-Jan                        101                       150            -49
   14-Jan                         20                        90            -70
    7-Jan                         93                       313           -220
   31-Dec                         90                       110            -20
                                                                             
                                                                             
    TOTAL                                                                -127
 
* Reverse repos inject funds on issuance and drain funds on maturity.  
    Note: Reuters calculations of maturing bills and repos count any debt
maturing on the weekend as maturing the following week, as that is when banks
receive the cash.

 (Reporting by Chen Yixin and Pete Sweeney; Editing by Prateek Chatterjee)
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