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PBOC skips open market operations

The People’s Bank of China, China’s central bank, skipped open market operations via reverse repos on Tuesday, citing abundant liquidity in the banking system. The system posts a relatively high level of liquidity at present, the People’s Bank of China said in an online statement. 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.

Retail prices of diesel and gasoline raised

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