Central bank continues to skip open market operations

BEIJING, March 22 (Xinhua) -- China's central bank continued to skip open market operations Friday, citing abundant liquidity in the banking system.

As 20 billion yuan (about 2.99 billion U.S. dollars) of reverse repos are due on Friday, the central bank has effectively pumped 90 billion yuan into the market this week, according to the People's bank of China.

The central bank has skipped reverse repos for three 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.

China will keep prudent 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 year.