China's central bank skips reverse repos

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

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

A total of 40 billion yuan (about $5.65 billion) of reverse repos matured Monday.

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.