MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI China Daily Summary: Tuesday, December 10

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

1yr MLF Rate Cut 20bps, As Policy Support For Economy Continues

CHINA

China's PBoC has continued its easing/support for the economy. In an unscheduled operation, it announced that the 1yr MLF rate has been lowered to 2.3% from 2.5% prior. This is the first reduction in the rate since August last year. The PBoC also did 200bn worth of MLF.

  • Combined with the 7-day repo ops, today's liquidity injection was CNY386.1bn, ending the recent run of liquidity drains.
  • The move lower in the 1yr MLF is in line with the earlier shifts this week in terms of the 7-day repo rate and the Loan prime rate cuts. The 7-day rate is expected to take on a greater policy role going forward.
  • It shows on-going efforts to boost growth following recent disappointment on Q2 GDP/retail sales and the conclusion of the Third Plenum.
  • In terms of market reaction, onshore CGB yields are down, albeit less than 1bps at this stage. USD/CNH is relatively steady, off earlier highs above 7.2700. This looks to reflect the continued slump in USD/JPY levels.
Metals bulletEM BulletFixed Income BulletsHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsEmerging Market NewsForeign Exchange Bullets
Metals bulletEM BulletFixed Income BulletsHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsEmerging Market NewsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.