The People’s Bank of China (PBoC) withdrew cash from the financial system for the first time in a year, a cautious signal that keeps its policy options open as higher oil prices filter through the economy, as reported by Bloomberg. The central bank drained a total of CNY 890 billion ($129 billion) of liquidity via short-term open market operations in March and absorbed another CNY 250 billion through longer-term tools, including outright reverse repurchase agreements and the medium-term lending facility. According to Bloomberg calculations based on official data, commercial banks likely recorded their first net repayment of PBoC loans since last May. The withdrawal marks an abrupt reversal from months of liquidity buildup, as officials steer the economy amid a rebound in growth at the start of the year and rising oil prices.

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