PBOC has drained CNY 1.112 trillion YTD in 2018 vs. CNY 65 billion net drain in 2017

The People’s Bank of China (PBOC) issued a statement on Friday, citing that it has drained CNY 1.112 trillion via Open Market Operations (OMOs) so far this year versus a net drain of CNY 65 billion in 2017, suggesting that the Chinese central bank continues deleveraging.