China’s central bank reopened a US$29.98 billion offering of three-year bills meant to drain liquidity from the banking system in July, continuing a bias towards tightening, The Wall Street Journal reported. The People’s Bank of China reopened US$18.03 billion worth of bills carrying a coupon of 3.37% on July 15, and US$12.01 billion in bills with a 3.50% coupon on July 29, according to data from China Central Depository & Clearing. The withdrawal comes as China’s banks continue to battle with relatively tight liquidity conditions following a cash crunch in late June.
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