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MNI BRIEF:PBOC Makes 1st MLF Rate Cut in 2 Yrs to Boost Growth

MNI (Singapore)

The People's Bank of China (PBOC) lowered the 1-year medium-term lending facility (MLF) rate to 2.85% from 2.95% on Monday, while injecting CNY700 billion via 1-year MLF, the latest move expected by the market and part of a widening campaign to resuscitate sputtering growth.

The cut, announced on the central bank’s website, was the first made to the medium-term policy benchmark since a 20-bp reduction in April 2020, and followed a 5-bp cut to banks’ December lending reference rate, known as Loan Prime Rate (LPR). China’s ruling Politburo has repeatedly called on the government to prioritize “economic stability” and present a winning scorecard ahead of the Communist Party’s once-in-a-decade congress.

MNI reported in December that government advisors had urged the central bank to quickly implement any loosening measures, such as rate cuts, before the Federal Reserve begins its rate hikes, which according to some analysts may draw capital away from China and cause the yuan to depreciate.

Policy NewsHomepageAPACChinaPBOCPolicy StoryStoryRegionCentral Bank News
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Policy NewsHomepageAPACChinaPBOCPolicy StoryStoryRegionCentral Bank News
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