China benchmark money rate opens sharply lower

SHANGHAI Sun Dec 22, 2013 8:25pm EST

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SHANGHAI Dec 23 (Reuters) - China's benchmark short-term money rate opened sharply lower on Monday after it hit its highest level since the June cash crunch on Friday.

The central bank announced on Friday it had injected 300 billion yuan ($49.41 billion) via short-term liquidity operations (SLO) during Dec. 18-20.

The seven-day bond repurchase agreement was quoted at 5.57 percent at open, down sharply from 7.60 percent at market close Friday. ($1 = 6.0713 Chinese yuan) (Reporting by Chen Yixin and Kazunori Takada)

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