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CHINA PRESS: PBOC's Treasury Trades To Replace MLF Operations

CHINA PRESS

The People’s Bank of China will increasingly use treasury trades in the secondary market to make liquidity injections rather than through its medium-term lending facility, according to a Securities Times commentary article. The central bank’s net purchase of treasuries in August had effectively offset an MLF net-decrease of about CNY100 billion, the news outlet said, adding that such trades could adjust both liquidity and market rates simultaneously. As the PBOC normalises this operation, short-term treasury demand will increase and require coordination with the Ministry of Finance on bond issuance of various maturities, the newspaper said.

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