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PBOC skips open market operations

The People's Bank of China, the central bank, suspended open market operations on Monday, citing abundant liquidity in the financial system. It was the 22nd consecutive working day for the central bank to skip open market operations, a record long time span since early 2016 when the central bank announced the added frequency of open market operations. No reverse repo will mature this week. Analysts believe the central bank would prefer mid- to long-term policy tools over reverse repos, which boost liquidity in the banking system within a short period of time, as it faces a major task in reducing the costs of long-term financing.

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