China central bank ramps up liquidity support via policy loans, rate unchanged
© Reuters. FILE PHOTO: Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank , in Beijing, China September 30, 2022. REUTERS/Tingshu Wang/File photoSHANGHAI - China's central bank ramped up liquidity support to the banking system as it rolled over medium-term policy loans on Monday, but kept the interest rate unchanged as expected.
The PBOC said in a statement it conducted medium-term lending facility operations worth 789 billion yuan to keep liquidity in the banking system adequate. It held the rate on the one-year policy loans at 2.50%, unchanged from the previous operation. Monday's operations shows"the PBOC hopes to provide liquidity to ease stress in the market," said Stone Zhou, director of Global Markets at UOB China.
The PBOC has cut the MLF rate - a guide to China's benchmark lending rates - twice this year to lower borrowing costs in an economy suffering from weak consumption and a deepening property crisis. But further monetary easing could widen China's yield gap with the United States, putting fresh downward pressure on the yuan, which has lost roughly 5.5% against the dollar so far this year.
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