BUSINESS China's central bank skips reverse repos

BUSINESS

China's central bank skips reverse repos

Xinhua

11:08, July 24, 2020

The People's Bank of China. (Photo: Agencies)

BEIJING, July 24 (Xinhua) -- The People's Bank of China (PBOC), the country's central bank, skipped open market operations via reverse repos Friday.

The banking system reports reasonable and sufficient liquidity at present, the PBOC said in an online statement.

A total of 200 billion yuan (about 28.6 billion U.S. dollars) of reverse repos matured Friday.

A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.

China will pursue a prudent monetary policy in a more flexible and appropriate way, according to this year's government work report. 

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