China's central bank skips reverse repos for 8th day

BEIJING, July 3 (Xinhua) -- The People's Bank of China (PBOC) skipped reverse repos for an eighth day in a row on Wednesday, citing relatively high level of liquidity in the banking system.

Reverse repos worth 40 billion yuan (about 5.8 billion U.S. dollars) matured on Wednesday.

Through reverse repos, 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, according to the annual Central Economic Work Conference.