China's central bank drains 30b yuan from market

BEIJING - China's central bank drained 30 billion yuan ($4.24 billion) from the financial system Friday.

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.

The central bank has suspended such operation for six trading days in a row.

On the other hand, 30 billion yuan of reverse repos matured Friday, resulting in a net liquidity withdrawal of 30 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.