China's central bank continues to skip reverse repos

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

The banking system reports reasonable and sufficient liquidity at present, the PBOC said in an online statement.

A total of 210 billion yuan ($30.1 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.