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PBOC skips open market operations

The People's Bank of China, the central bank, has suspended open market operations for 15 trading days in a row, citing abundant liquidity in the financial system. Liquidity in the banking system is at a "relatively high" level, which can offset the impact from factors such as repaying local debt, it said on Thursday. 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. China will continue to implement a proactive fiscal policy and prudent monetary policy while making policies more forward-looking, flexible and effective, according to a meeting of the Political Bureau of the Communist Party of China Central Committee on July 31.

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