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MNI: PBOC Cuts MLF Rate By 10bps, Net Injects CNY37 Billion

MNI (Singapore)
(MNI)Beijing

The People's Bank of China cut the one-year medium-term lending facility rate by 10bp on Thursday as the economy suffered headwinds.

According to the PBOC's website, the rate was reduced to 2.65% from 2.75%, the first cut since last July. The markets expected the cut after the central bank reduced rates of both the 7-day reverse repo and standing lending facility by 10bp respectively on Tuesday (see: MNI PBOC WATCH: MLF Rate Cut In Sight After Repo Move).

  • The PBOC injected a net of CNY37 billion via one-year MLF. The operation aims to keep banking system liquidity reasonable and ample, the PBOC said on its website.
  • The 7-day weighted average interbank repo rate for depository institutions (DR007) rose to 1.8000% at 09:31 am local time from the close of 1.7500% on Wednesday.
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