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

The banking system reports a relatively high level of liquidity at present, the PBOC said on its website.

No reverse repos matured Friday.

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.