China's central bank continues to skip open market operations

BEIJING, March 28 (Xinhua) -- CHINA's central bank continued to skip open market operations on Thursday, citing abundant liquidity in the banking system.

The People's bank of CHINA said the overall liquidity level in the banking system is relatively high as fiscal expenditure increases near the end of the season.

No reverse repo is due on Thursday.

The central bank has skipped reverse repos for seven 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 its 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.