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China: People’s Bank of China (PBoC) injects more cash to support the weak economy
Ahead of the monthly deluge of activity data, the PBOC already provided markets with a positive surprise. Despite leaving the 1-year medium-term lending facility (1Y MLF) rate at 2.5%, the PBoC provided CNY1.45tr in funding, a net CNY600bn more than that which was falling due for rollover. The MLF is the conduit through which the PBoC lends funds to big commercial banks, who in turn, finance the rest of the economy. Short-term market interest rates have risen since September, as the CNY has weakened in the face of a stronger USD, and the PBOC has kept short-term funding costs high to deter CNY selling. However, this ... (full story)
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- Posted: Nov 14, 2023 11:27pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 2,985
