Free Trial

MNI BRIEF: PBOC Cuts One-Year MLF Rate By 30bp

MNI (BEIJING ) - The People’s Bank of China cut the one-year medium-term lending facility rate by 30 basis points on Wednesday, draining a net of CNY291 billion from the interbank market, according to a statement on its website. 

The Bank conducted a CNY300 billion one-year MLF operation even though a total of CNY591 billion matured on Sept 15 in a bid to maintain “reasonable and adequate liquidity” in the banking system, the statement said. The rate was reduced to 2.0% from 2.3%, with a maximum bidding rate of 2.30%, a minimum bidding rate of 1.90%, and the winning rate at 2.0%, the PBOC noted. 

Keep reading...Show less
147 words

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.

MNI (BEIJING ) - The People’s Bank of China cut the one-year medium-term lending facility rate by 30 basis points on Wednesday, draining a net of CNY291 billion from the interbank market, according to a statement on its website. 

The Bank conducted a CNY300 billion one-year MLF operation even though a total of CNY591 billion matured on Sept 15 in a bid to maintain “reasonable and adequate liquidity” in the banking system, the statement said. The rate was reduced to 2.0% from 2.3%, with a maximum bidding rate of 2.30%, a minimum bidding rate of 1.90%, and the winning rate at 2.0%, the PBOC noted. 

Keep reading...Show less