China central bank drains 100b yuan from market

BEIJING - The People's Bank of China (PBOC) skipped open market operations on Wednesday, citing sufficient liquidity in the banking system.

Reverse repos worth 100 billion yuan ($14.5 billion) matured Wednesday, meaning the central bank withdrew the same amount of funds from the financial market.

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 keep its prudent monetary policy "neither too tight nor too loose" while maintaining market liquidity at a reasonably ample level in 2019.