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China central bank to skip open market operations today: statement
June 28, 2017 / 1:29 AM / in 6 months

China central bank to skip open market operations today: statement

SHANGHAI (Reuters) - China’s central bank said it will skip open market operations on Wednesday, for the fourth consecutive day, as liquidity levels in the banking system were “relatively high”.

FILE PHOTO: A Chinese national flag flutters outside the headquarters of the People's Bank of China, the Chinese central bank, in Beijing, China April 3, 2014. REUTERS/Petar Kujundzic/File Photo

“Fiscal expenditure was increasing toward the month-end, countering maturing reverse repos, with liquidity in the banking system staying at a relatively high level,” the People’s Bank of China said in an online statement.

Maturing reverse repos will drain a net 50 billion yuan ($7.34 billion) from the market for the day.

The PBOC drained a net 60 billion yuan last week via open market operations.

Reporting by the Shanghai newsroom

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