(Yicai Global) July 12 -- The People's Bank of China withdrew a total CNY220 billion (USD32 billion) from the nation's financial system this week as it opted not to conduct open market operations to cover maturing reverse repos.

The central bank withdrew some CNY340 billion the week prior, its largest withdrawal in five months, after saying on June 24 that there was sufficient liquidity in the banking system.

It has been three weeks since the PBOC last conducted any new reverse repos.

Editor: James Boynton