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China Daily | Updated: 2019-03-07 07:35
Govt and policies
PBOC drains liquidity from money market
The People's Bank of China suspended open market operations on Wednesday, citing abundant liquidity in the banking system. Reverse repos worth 60 billion yuan ($8.9 billion) matured on Wednesday, meaning the central bank withdrew the same amount of funds from financial institutions. "Liquidity in the banking system is at 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.
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