China central bank to skip open market operations for fifth straight day: statement

A man walks past the headquarters of the People's Bank of China (PBOC), the central bank, in Beijing November 20, 2013. REUTERS/Jason Lee

SHANGHAI (Reuters) - China’s central bank said it will skip open market operations for the fifth day in a row on Thursday, as liquidity levels in the banking system were “relatively high”.

“Fiscal expenditure was increasing towards the month-end, countering maturing reverse repos, with liquidity in the banking system staying at a relatively high level,” the People’s Bank of China said in an online statement.

Maturing reverse repos will drain a net 60 billion yuan ($8.83 billion) from the market for the day.

The PBOC drained a net 60 billion yuan last week via open market operations.

Reporting by the Shanghai newsroom