(Yicai  Global) Oct. 9 -- The Shanghai Interbank Offered Rates continued to move lower today despite the People's Bank of China opting to skip open market operations for the fourth straight day, effectively withdrawing cash from the nation's monetary system.
 

The overnight SHIBOR moved 42.50 basis points lower to 2.2020 percent and the one-week rate was down 6.10 bips at 2.6270 percent. The SHIBOR for three-month loans also slid 0.4 bips to 2.7200 percent.
 

The central bank reiterated today that liquidity is currently at a high level and there is no need to increase it. It skipped OMOs with the same message yesterday and on the last two trading days before the week-long National Day holiday, Sept. 29 and Sept. 30.