China's central bank skips open market operations Wednesday

Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing, Oct 8, 2018. (Photo: IC)

BEIJING - China's central bank skipped open market operations on Wednesday, citing abundant liquidity in the banking system.

The People's Bank of China (PBOC) said liquidity has been at a reasonably adequate level.

No reverse repos became mature on Wednesday.

The PBOC has injected liquidity of 1.565 trillion yuan ($228.2 billion) into the market in June, with the net injection standing at 107 billion yuan.

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.