China Pulls $129B From Financial System Amid Expectations Of Forex Stability And Rising Yuan

The People’s Bank of China withdrew 840 billion yuan ($129 billion) from the country’s financial system in five days through Friday, its biggest weekly withdrawal since February 2013, according to data compiled by Bloomberg. PBOC was mopping up excess liquidity infused in the market by the central bank’s decision to cut the reserve requirement ratio (RRR) earlier this week.

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