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PBOC skips open market operations

China's central bank continued to skip open market operations on Wednesday, citing abundant liquidity in the banking system. The People's Bank of China said liquidity has been at a reasonably adequate level. No reverse repo was due on Wednesday. The central bank has skipped reverse repos for six consecutive working days. 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.