China central bank reverse repo volume at zero for third day in a row

SHANGHAI: China’s central bank said the volume of its seven-day reverse repos in open market operations was zero for a third day in a row on Thursday, in response to demand from primary dealers, according to an online statement.

Separately, the People’s Bank of China (PBOC) said on Wednesday that it would conduct up to 600 billion yuan ($88.98 billion) worth of overnight reverse repos per day on August 14 and August 17-19.

The PBOC uses the short-term liquidity tool to fine-tune cash conditions in the country’s banking system.