China drained a record amount of cash from its banking system this week, counteracting an explosion in credit growth that had stoked concerns about inflation.
The central bank withdrew Rmb910bn ($146bn) from the economy via open market operations over the past three days, its biggest weekly cash drain.
The Chinese stock market, which is driven heavily by liquidity conditions, sold off sharply after the central bank’s move. The Shanghai Composite, the main index, shed 3 per cent.
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