Jan 24 (Reuters) - The People's Bank of China (PBOC) conducted a net drain

of 49 billion yuan ($7.88 billion) from the banking system this week, according

to Reuters' calculations.

The PBOC has drained 359 billion yuan from the market so far this year.

It injected a net total of 1.438 trillion yuan in 2012. The central bank

also reduced banks' required reserve ratio (RRR) twice, in February and again in

May, injecting an estimated 800 billion yuan into the banking system.

Since then, it has refrained from further cuts to RRR or to interest rates,

instead relying mostly on short-term reverse bond repurchase agreements to

maintain liquidity in the interbank market.

For a table on the PBOC's open market operations in 2012, click:

For information on changes in required reserve ratios, click:

For information on changes in deposit interest rates, click:

For information on changes in loan interest rates, click:

Following is a summary of the PBOC's weekly open market operations this year

(in billions of yuan):

Week Bills Repos Reverse Bills Repos Reverse Net drain

starting matured matured repos issued issued repos (-) or

issued* matured* injection

21-Jan 101 150 -49

14-Jan 20 90 -70

7-Jan 93 313 -220

31-Dec 90 110 -20

TOTAL -359

* Reverse repos inject funds on issuance and drain funds on maturity.

Note: Reuters calculations of maturing bills and repos count any debt

maturing on the weekend as maturing the following week, as that is when banks

receive the cash.

($1 = 6.2180 Chinese yuan)

(Reporting by Chen Yixin and Pete Sweeney in Shanghai; Editing by Sanjeev

Miglani)

Keywords: CHINA OPENMARKET/WEEKLY

(yixin.chen@thomsonreuters.com)(+86 21 61041713)(Reuters Messaging: yixin.chen.thomsonreuters.com@reuters.net)

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