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PBOC scales back cash injections before banks' liquidity checks

Analysts surprised to see net withdrawal in open market operations

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It was also announced on Tuesday that People's Bank of China deputy governor Pan Gongsheng will replace Yi Gang as head of the State Administration of Foreign Exchange.

Shanghai

THE People's Bank of China scaled back the use of a short-term lending tool in its open-market operations, draining cash from the financial system as banks prepare to meet year-end liquidity checks by regulators.

The monetary authority auctioned 10 billion yuan (S$2.18

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