(Yicai Global) Jan. 4 -- China's central bank, the People's Bank of China, has withdrawn a net CNY160 billion (USD23.28 billion) cash from the country's financial system via an open market operation today. The central bank has drained a net total of CNY320 billion in the first week of New Year.

The PBOC conducted a seven-day reverse repo of CNY10 billion today, against CNY170 billion in maturing previous reverse repos.

The seven-day reverse repo bid rate was 2.55 percent, unchanged from the previous open market operations.

The PBOC withdrew net sums of CNY70 billion and CNY90 billion from the financial system via open market operations on Jan. 1 and Jan. 2, respectively. The continuous extraction indicates that the capital situation is quite comfortable, according to analysts.

Editor: William Clegg