April 11, 2018 / 1:19 AM / 3 months ago

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

SHANGHAI (Reuters) - China’s central bank said it will skip open market operations on Wednesday 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. B REUTERS/Petar Kujundzic/File Photo

On a net basis, the People’s Bank of China (PBOC) will drain 20 billion yuan ($3.18 billion) from the market for the day as the same amount in reverse repos is due to expire on Wednesday.

The PBOC drained a net 10 billion yuan from the money market last week.

Reporting by the Shanghai Newsroom

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