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PBOC stays away from open market operations

The People's Bank of China, the central bank, skipped open market operations on Tuesday citing abundant liquidity in the banking system. The PBOC said liquidity is at a relatively high level and can offset factors such as maturing reverse repos that drain liquidity from the market. 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. The central bank has skipped reverse repos for five consecutive working days.

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