Money-market rate rises on bets of funds drain

The benchmark money-market rate in China jumped the most in two months on speculation the central bank will drain funds from the financial system to cap property prices and inflation.

China may tighten monetary policy because of excessive market liquidity and rising real-estate prices, according to a front-page commentary in the China Securities Journal.

The People's Bank of China sold 5 billion yuan ($803 million) of 28-day repurchase contracts at a yield of 2.75 percent on Tuesday, according to a trader at a primary dealer required to bid at the auctions.

China underlines land supplies to tame housing prices

Detailed property control policies underway

Stocks hit by moves on homes and credit

Property curbs to stay in bid to check prices