PBOC skips OMOs, says liquidity is at a relatively high level
|As per LiveSquawk report, the People’s Bank of China (PBOC) has skipped the Open Market Operations (OMO) for the fifth straight day as the central bank feels the liquidity is at a relatively high level.
On Wednesday, the PBOC's lack of action resulted in a net drain of CNY 70 billion, the fourth consecutive daily drain.
Note that the financial conditions in China are at their tightest in one-year. Hence, do not be surprised to see weak economic data releases in the months ahead.
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