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China's central bank skips open market operations for 5th day

2019-01-11 15:54

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China's central bank skipped open market operations for a fifth consecutive day Friday, citing abundant liquidity.

As reverse repos worth 110 billion yuan (about 16.2 billion U.S. dollars) matured Friday, the People's Bank of China (PBOC) effectively withdrew the same amount of funds from financial institutions.

For the whole week, the PBOC has withdrew a total of 410 billion yuan from financial institutions, higher than 320 billion yuan registered during last week.

"Liquidity in the banking system is at a relatively high level," a PBOC statement said.

Reverse repos involve the central bank purchasing securities from commercial banks, with an agreement to sell them back in the future.

China will keep its monetary policy "neither too tight nor too loose" while maintaining market liquidity at a reasonably ample level in 2019, according to the central authorities.
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