China central bank skips open market operations for 13th consecutive working day

Updated 2018-02-11 13:46:06 Xinhua

China's central bank suspended open market operations for the 13th consecutive working day Sunday, citing sufficient liquidity in the banking system.

The move is to offset the influence from factors such as the use of Contingent Reserve Arrangement (CRA) and fiscal expenditure to maintain stable liquidity in the banking system, said the People's Bank of China (PBOC) on its website.

Through the use of CRA, nearly two trillion yuan (316.3 billion U.S. dollars) of liquidity has been pumped into the market since mid-January, which can meet the demand of cash before the week-long Spring Festival holidays from mid-February, according to the PBOC.

The central bank has increasingly relied on open market operations for liquidity management, rather than cuts to interest rates or reserve requirement ratios, ensuring cash fluctuations do not exceed expectations.

China will maintain a prudent and neutral monetary policy in 2018 as it strives to balance growth with risk prevention.

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