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PBOC skips open market operations

The People's Bank of China, China's central bank, skipped open market operations on Monday 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 Monday, reverse repos worth 40 billion yuan ($ 63.5 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.