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PBOC skips open market operations

The People's Bank of China (PBOC), the country's central bank, skipped open market operations via reverse repos on Monday. The overall liquidity in the banking system remained at a reasonably sufficient level, with the withdrawal of required deposit reserves from financial institutions offsetting matured reverse repos, the PBOC said in a statement. 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.