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Central bank skips open market operations

The People's Bank of China suspended open market operations for the third day this week on Wednesday, citing abundant liquidity in the banking system. Reverse repos worth 40 billion yuan ($5.86 billion) matured on Wednesday, meaning the central bank withdrew the same amount of funds from financial institutions. "Liquidity in the banking system is on a relatively high level," a PBOC statement said. Through reverse repos, the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.

Farm produce prices continue to increase