China c.bank to drain 60 bln yuan via repos

SHANGHAI, Nov 10 - China's central bank will drain 60 billion yuan from the money market on Tuesday through 28-day bond repurchase agreements, traders said.

This is in addition to the People's Bank of China's planned drain of 21 billion yuan via the sale of one-year bills later on Tuesday.

A total of 120 billion yuan in PBOC bills and repos will mature this week. The PBOC conducted a net drain of 123 billion yuan from the market last week, after draining a net 133 billion yuan the week before that.

But traders expect the PBOC to become slightly more generous with funds this week to ensure sufficient liquidity to absorb a major initial public equity offer. (Reporting by Qu Weizhi and Karen Yeung; Editing by Jacqueline Wong)