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PBOC skips open market operations

China's central bank continued to skip open market operations for the 13th consecutive trading day on Monday, citing abundant liquidity in the banking system. Due to a high level overall liquidity, the banking system can offset the impact of liquidity-reducing factors such as reserve requirement payment of financial institutions, according to the People's Bank of China. The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, increased 1.1 basis points to 1.428 percent on Monday.