PBOC skips open mar­ket op­er­a­tions

China Daily (Hong Kong) - - BUSINESS -

The Peo­ple’s Bank of China, the cen­tral bank, skipped open mar­ket op­er­a­tions for a fourth con­sec­u­tive day on Thursday, cit­ing abun­dant liq­uid­ity. As re­verse re­pos worth 70 bil­lion yuan ($10.3 bil­lion) ma­tured on Thursday, the PBOC ef­fec­tively with­drew the same amount of funds from fi­nan­cial in­sti­tu­tions. “Liq­uid­ity in the bank­ing sys­tem is at a rel­a­tively high level,” a cen­tral bank state­ment said. Re­verse re­pos in­volve the cen­tral bank pur­chas­ing se­cu­ri­ties from com­mer­cial banks through bid­ding, with an agree­ment to sell them back in the fu­ture. China will keep its mon­e­tary pol­icy “nei­ther too tight nor too loose” while main­tain­ing mar­ket liq­uid­ity at a rea­son­ably am­ple level in 2019, ac­cord­ing to the an­nual Cen­tral Eco­nomic Work Con­fer­ence held last month.

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