China's benchmark money-market rate rose this week on speculation cash at banks will decline in May as fewer central bank bills mature.

Short-term debt securities and repurchase agreements issued by the People's Bank of China worth a total of 236 billion yuan ($37.5 billion) are due for redemption this month, down from 399 billion yuan in April, according to Guo Caomin, a bond analyst at Industrial Bank Co in Shanghai. The monetary authority injected 65 billion yuan into the financial system on Thursday through seven-day reverse repurchase contracts.