China central bank skips open market operations Friday

BEIJING - China's central bank skips open market operations Friday, citing sufficient liquidity in the banking system.

Fiscal expenditure increased at the end of the month, which can offset the influence from factors such as maturing reverse repos, the People's Bank of China (PBOC) said on its website.

Meanwhile, 20 billion yuan ($2.97 billion) reverse repos matured 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.