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Shanghai shares dip as central bank drains liquidity
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SHANGHAI stocks edged down this morning after China’s central bank withdrew cash from the banking system.
The key Shanghai Composite Index shed 0.22 percent to 2,037.04. Turnover was 29 billion yuan (US$4.7 billion) by the noon break.
The People’s Bank of China today drained 20 billion yuan from the country’s money market via 28-day repurchase contracts at a rate of 4 percent, according to a statement on the central bank’s website.
The amount is less than the withdrawal of 30 billion yuan last Thursday and 35 billion yuan last Tuesday.
Most banks fell. Shanghai Pudong Development Bank dipped 0.5 percent to 9.69 yuan. China CITIC Bank shed 0.5 percent to 4.25 yuan.
China State Construction Engineering lost 0.3 percent to 2.98 yuan after the company said it plans to raise up to 30 billion yuan thought private placement of preferred shares.
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