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MNI BRIEF: PBOC Delays Monthly Operation, Weakens MLF Role

MNI (Singapore)
(MNI)Beijing

The People’s Bank of China has delayed the monthly operation of its medium-term lending facility, further downplaying its role as a key policy rate.

The PBOC will conduct the operation on Aug 26, while a total of CNY401 billion of one-year MLF will mature this month, according to a statement on the central bank’s website on Thursday,

The Bank typically conducts its MLF exercise on the 15th of each month as long as it is a trading day. This is the second time it has broke with tradition after it unexpectedly operated CNY200 billion MLF on July 25 with a 20 basis point cut of the rate to 2.3%.

MNI reported that the Bank is turning to the 7-day reverse repo rate as its premier policy rate, as it decreases the MLF’s importance and its connection to the Loan Prime Rate. (See MNI: PBOC Repos First Step To Narrower Rates Corridor-Advisors)

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Central Bank NewsPolicy NewsPBOCAPACChinaEM Policy NewsEM Policy StoryEM BriefEM Central Bank NewsPeoples Bank of ChinaBriefStoryRegion
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