SHANGHAI, Nov 2 (Reuters) - China's primary money rates eased on Friday from month-end highs but remained elevated compared with a week earlier, as the central bank refrained from injecting fresh funds into money markets for the sixth straight trading day. The volume-weighted average rate of the benchmark seven-day repo traded in the interbank market, considered the best indicator of general liquidity in China, was 2.5956 percent on Friday afternoon. That was about 11 basis points (bps) lower than Wednesday's close of 2.7098 percent, but still higher than the previous week's closing average rate of 2.5743 percent. China's overnight money rates jumped to three-week highs on Wednesday, driven by seasonal cash demand on the last trading day of the month. The People's Bank of China (PBOC) has skipped open market operations since last Friday, and maturing reverse repos drained a total of 520 billion yuan ($75.50 billion) during the six-day period. The central bank attributed the move to "reasonably ample liquidity in the banking system", it said in a statement. Traders said cash conditions were largely balanced as month-end demand faded but pointed out that financial institutions will have to make their reserve payments on Monday, which is likely to drain some funds from the interbank money market. A batch of medium-term lending facility (MLF) loans worth of 403.5 billion yuan is set to expire on Monday, but market participants largely expect the central bank to roll it over. China's economic growth is expected to falter further in coming months after cooling to its weakest quarterly pace since the global financial crisis in July-September. Analysts believe authorities will step up their recent growth boosting measures in response, ranging from higher infrastructure spending to more tax cuts and liberal liquidity injections, including more reductions in banks' reserve requirements. "Signs of economic downturn has become more obvious, despite some major economies tighten their monetary policies, China's central bank is likely to continue easy policy stance," said Li Qilin, chief economist at Lianxun Securities. "At the same time, it will also use some targeted policy to guide the funds flow to private and small- and medium- firms," Chinese President Xi Jinping on Thursday promised support for struggling private firms, pledging more tax cuts and financial aid, underscoring government resolve to support the private sector as growth slows. However, Qin Han, chief bond analyst at Guotai Junan Securities said in a note on Friday that he expects the liquidity to face some pressure if the central bank does not "actively counteract" declines in the FX positions amid yuan depreciation. Latest official data showed that PBOC sold a net 119.4 billion yuan worth of foreign exchange in September, the highest in 20 months, up from 2.39 billion yuan in August. Changes in the FX positions on central bank's balance sheet affect the base money. China's yuan has suffered persistent depreciation pressure this year as an escalating trade dispute with the United States added to pressure on the already cooling economy. Key money rates at a glance: Volume-wei Previous Change (bps) Volume ghted day (%) average rate (%) Interbank repo market Overnight 2.4705 2.5404 -6.99 0.00 Seven-day 2.5956 2.6449 -4.93 0.00 14-day 2.5021 2.5819 -7.98 0.00 Shanghai stock exchange repo market Overnight 2.6400 2.5300 +11.00 249,280.2 0 Seven-day<CN7DR 2.6750 2.6350 +4.00 33,369.80 PO=SS> 14-day 2.6600 2.6500 +1.00 8,238.60 PBOC Guidance Rates Overnight 2.4900 2.5500 -6.00 <CN1DRPFIX=CFXS > Seven-day 2.6300 2.7000 -7.00 <CN7DRPFIX=CFXS > 14-day 2.6000 2.7000 -10.00 <CN14DRPFIX=CFX S> SHANGHAI INTERBANK OFFERED RATE Overnight 2.4770 2.5470 -7.00 Seven-day 2.6490 2.6730 -2.40 Three-month 2.9810 2.9760 +0.50 KEY INTEREST RATE SWAPS: Instrument RIC Rate Spread vs 1 yr official deposit rate* 2 yr IRS based on 1 CNABAD2YF= 0.0000 -1.5 year benchmark 5 yr 7-day repo swap CNYQB7R5Y= 3.2100 n/a *This spread can be seen as a proxy for forward-looking market expectations of an interest rate cut or rise China FX and money market guide: China debt market guide: SHIBOR rates: Reports on central bank open market operations: New Chinese debt issues: Prices for central bank bills, treasury bonds and sovereign bonds: Overview of China financial market data: ($1 = 6.8871 Chinese yuan) (Reporting by Winni Zhou and John Ruwitch; Editing by Kim Coghill)