BEIJING - The People's Bank of China (PBOC), the country's central bank, skipped reverse repos on Thursday.

The banking system reports a relatively high level of liquidity at present to offset the impact of reverse repos maturing, the PBOC said in a statement.

With 400 billion yuan ($57.46 billion) of reverse repos maturing Thursday, that led to a net withdrawal of 400 billion yuan from the market.

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.

The country will continue to implement a proactive fiscal policy and prudent monetary policy, according to the annual Central Economic Work Conference held in December, 2019.

The quality and effect of the fiscal policy must be enhanced with more efforts on structural adjustment, while the monetary policy should be pursued with moderate flexibility to maintain market liquidity at a reasonably ample level, said a statement released after the conference.