April 16, 2014 / 1:50 AM / 3 years ago

China benchmark money rate drops below 3 pct at open

1 Min Read

SHANGHAI, April 16 (Reuters) - China's benchmark seven-day bond repurchase rate opened at 2.7 percent on Wednesday morning, down 73 basis points from Tuesday's close and marking the first time the rate has opened below 3 percent since mid-March.

While the central bank conducted a large 172 billion yuan ($27.6 billion) drain during open market operations on Tuesday, dealers told Reuters that a subsequent finance ministry deposit auction resulted in a net fund injection on the day.

$1 = 6.2220 Chinese Yuan Reporting by Pete Sweeney; Editing by John Mair

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