China’s PBOC to skip open market operations Thursday

The PBOC drained a net 280 billion yuan ($40.51 billion) last week.

By: Reuters | Shanghai | Published:March 9, 2017 7:52 am
china, china bank, people's bank of china, pboc, china yuan, china economy, china currency, china news, world news The PBOC drained a net 280 billion yuan (.51 billion) last week. (Source: Reuters/File)

China’s central bank said it would skip open market operations on Thursday in order to keep liquidity stable in the banking system. “There are a few factors improving the liquidity recently,” the People’s Bank of China (PBOC) said in a statement on its website.

The last time the PBOC skipped the open market operations was on Feb.10, when it skipped operations for six straight trading days. The PBOC drained a net 280 billion yuan ($40.51 billion) last week.

In early trade on Thursday, the volume weighted average of the seven-day repo rate was at 2.35 percent, down 27.37 basis points from the previous closing average rate.

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