January 8, 2018 / 1:30 AM / in 10 months

China's central bank says it will skip OMOs on Monday

SHANGHAI (Reuters) - China’s central bank said it will skip open market operations for the 11th straight trading day on Monday as liquidity levels in the banking system were “relatively high”.

On a net basis, the People’s Bank of China (PBOC) will drain 40 billion yuan ($6.17 billion) from the money market for the day, equal to the amount of reverse repos due to mature on Monday.

The PBOC drained a net 510 billion yuan from the money market last week.

China’s central bank drained 65 billion yuan on a net basis from money markets in 2017.

Reporting by the Shanghai Newsroom; Editing by Sam Holmes

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