China's central bank skips reverse repos

BEIJING -- The People's Bank of China (PBOC), the country's central bank, skipped open market operations via reverse repos Wednesday.

The level of liquidity in the banking system is relatively high at present, the PBOC said in an online statement.

A total of 180 billion yuan (about $25.46 billion) of reverse repos matured Wednesday.

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 pursue a prudent monetary policy in a more flexible and appropriate way, according to this year's government work report.