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China central bank skips OMO as markets wait to see if it will follow Fed

Published 07/31/2019, 09:46 PM
Updated 07/31/2019, 09:51 PM
China central bank skips OMO as markets wait to see if it will follow Fed

SHANGHAI (Reuters) - China's central bank said it will skip open market operations on Thursday, but gave no sign of whether it will immediately follow an overnight interest rate cut by the U.S. Federal Reserve.

The People's Bank of China (PBOC) said banking system liquidity was "reasonably ample", according to a statement posted on its website.

The Fed cut its benchmark rate on Wednesday, as expected, but the head of the U.S. central bank said the move might not be the start of a lengthy easing campaign to shore up the economy against risks including global weakness.

The interest rate on seven-day China reverse bond repurchase agreements via open market operations stood at 2.55 percent in the previous operation.

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