China's central bank continues to skip open market operations

BEIJING - China's central bank continued to skip open market operations on Friday, citing abundant liquidity in the banking system.

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

The central bank has skipped reverse repos for seven consecutive working days.

No reverse repo is due on Friday.

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, according to the annual Central Economic Work Conference held last year.