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PBOC skips open market operations

The People's Bank of China, the central bank, skipped open market operations on Thursday to maintain stable liquidity in the banking system. Liquidity was at a "relatively high level," which can offset the influence from factors such as maturing reverse repos, the PBOC said on its website. On Thursday, reverse repos worth 80 billion yuan ($12.7 billion) matured. A reverse repo is a process by which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future. The central bank has increasingly relied on open market operations for liquidity management, rather than cuts to interest rates or reserve requirement ratios.

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