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PBoC Trim SLF Rates, Keeping Pace with MLF Cut Overnight

  • A PBOC statement details a cut to the overnight, 7-day and 1-month Standing Lending Facility of 10bps.
  • This follows the cut to the 1yr MLF facility overnight, where they trimmed 15bps off the rate to 2.50%.
  • That matches the last cut to these rates back on June 13th, where they cut by 10bps to match the reduction in the 1yr MLF. So not too surprising given they trimmed the MLF rate overnight.
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