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China central bank cuts medium-term loan rate for first time since 2016 as growth cools
China’s central bank cut the interest rate on its medium-term lending facility (MLF) on Tuesday for the first time since early 2016, as policymakers work to prop up a slowing economy hit by weaker demand at home and abroad. The People’s Bank of China (PBOC) said on its website that it was lowering the rate on one-year MLF loans CNMLF1YRRP=PBOC by 5 basis points (bps) to 3.25% from 3.30% previously. The PBOC said it had injected 400 billion yuan ($56.92 billion) into financial institutions via the liquidity tool, slightly less than a batch of MLF loans worth 403.5 billion yuan due to mature on Tuesday. The ... (full story)