China's central bank skips open market operations for 10th day

BEIJING - China's central bank continued to skip open market operations for the 10th consecutive trading day on Wednesday, citing abundant liquidity in the banking system.

Although liquidity dipped due to factors such as tax payment, it remained at a reasonably sufficient level, the People's Bank of China said on its website.

No reverse repo is due on Wednesday.

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.