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China central bank injects $47.2 billion via medium-term loans, rate unchanged -statement -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – People pass the People’s Bank of China headquarters (PBOC), China’s central bank in Beijing on September 28, 2018. REUTERS/Jason Lee

SHANGHAI (Reuters – China’s central bank injected funds via medium-term loan into the financial sector on Tuesday. However, the interest rate remained unchanged.

According to the People’s Bank of China, (PBOC), it maintained at 2.85% the rate for 300 billion yuan (47.19 Billion) of medium-term loans (MLF) of some financial institutions. This is consistent with what was widely expected.

It is more than the 200 billion in loans this week that are due for repayment of 300 billion Yuan.

Unexpectedly, in January, the PBOC reduced the MLF rate by 10 basis points from 2.95% to 2.85%. It also cut 10 basis points the rate of the reverse repurchase agreement for 7 days.

In addition, the central bank injected 10 billion Yuan worth of 7-day reverse repos in the banking system to offset 20 billion yuan such loans that matured Tuesday.

($1 = 6.3567 )

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