China central bank skips OMO as first phase of RRR cuts come into effect

Market news

15 May 2019

China central bank skips OMO as first phase of RRR cuts come into effect

China's central bank said it will skip open market operations on Wednesday as liquidity levels in the banking system were "reasonable and ample".

The People's Bank of China (PBOC) said the first phase of reserve requirement ratio (RRRs) cuts came into effect on Wednesday, and the move released about 100 billion yuan worth of long term funds.

The central bank said last Monday that it would implement its cut in RRRs for some small- and medium-sized banks in three phases, as part of wider efforts to help companies weather a slowdown in the world's second largest economy.

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