China's central bank drains 250b yuan from market

BEIJING - China's central bank drained 250 billion yuan ($35.36 billion) from the financial system Tuesday.

The People's Bank of China did not conduct any operation of reverse repos, a liquidity-injecting process in which the central bank purchases securities from commercial banks through bidding with an agreement to sell them back in the future.

On the other hand, 250 billion yuan of reverse repos matured Tuesday, resulting in a net liquidity withdrawal of 250 billion yuan.

China vowed to keep its prudent monetary policy "neither too tight nor too loose" while maintaining market liquidity at a reasonably ample level in 2019.