China's central bank will inject 10 billion yuan ($1.44 billion) into money markets on Thursday through seven-day reverse bond repurchase agreements, traders said. Traders also said the central bank skipped the 14-day and 28-day tenors on Thursday. The People's Bank of China (PBOC) drained a net 245 billion yuan from the market through open market operations last week. The PBOC injected 1,727.2 billion yuan on a net basis into money markets in 2016. The outstanding balance of open market operations stood at 1,315 billion yuan as of end-December. In early trade on Thursday, the volume weighted average of the seven-day repo rate was at 2.25 percent, down 4.88 basis points from the previous closing average rate.
