BEIJING – The People’s Bank of China, the country’s central bank, skipped reverse repos for the 17th straight day on Wednesday, citing reasonably sufficient liquidity in the banking system.

No reverse repos matured Wednesday.

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.

Facing potential economic shocks from the novel coronavirus outbreak, China’s financial authorities pledged to pay more attention to policy flexibility to keep reasonably sufficient liquidity and release the potential of the loan prime rate reform.

The central bank has earlier stated that China will implement the “dynamic adjustment” of targeted reserve requirement ratio cut policies in the near future for better use of inclusive financing to shore up the virus-hit economy.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

US Justice Department fines Boeing $2.5b for coverup over 737 Max crashes

WASHINGTON- The US Justice Department announced on Thursday that Boeing has agreed to pay more than $2.5 billion to resolve a criminal charge related to a conspiracy to defraud regulators over the 737 MAX crashes. “The tragic crashes of Lion…

Asian shares rise after Wall Street gains on solid earnings

TOKYO — Asian shares mostly rose Wednesday, cheered by the gains on Wall Street as investors welcomed a batch of solid earnings reports from U.S. companies. Japan’s benchmark Nikkei 225 gained 0.3% to 23,647.63. South Korea’s Kospi added 0.3% to…

Aibnb laying off 1,900 employees due to travel decline

Airbnb is laying off 25% of its workforce as it confronts a steep decline in global travel due to the new coronavirus. In a letter to employees, CEO Brian Chesky said the company is letting 1,900 of its 7,500 workers…

Analysis: No profits? No problem for red hot tech IPOs

New York (CNN Business)Remember “irrational exuberance,” the phrase coined by former Federal Reserve chairman Alan Greenspan to describe soaring stocks in the mid-1990s? Welcome to irrational exuberance 2.0. Exhibit A: the one day pops in unicorns DoorDash and Airbnb that…