PBOC to drain 85 bln yuan via forward repos

SHANGHAI, March 4 Mon Mar 3, 2014 8:22pm EST

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SHANGHAI, March 4 (Reuters) - China's central bank will drain 85 billion yuan ($13.83 billion) from the money markets through forward bond repurchase agreements on Tuesday, traders said.

The People's Bank of China drained 35 billion yuan through 14-day repos and 50 billion yuan through 28-day repos.

Maturing repos will inject a net 108 billion yuan into the banking system this week.

The People's Bank of China (PBOC) conducted a net drain of 160 billion yuan from the banking system last week. ($1 = 6.1462 Chinese yuan) (Reporting by Pete Sweeney and Steven Bian, Chen Yixin and Li Hongwei; Editing by Paul Tait)

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