The People's Bank of China (PBOC) implemented a 125 billion yuan one-year medium-term lending facility (MLF) operation today in the open market. As 100 billion yuan of MLF expired, this a 25 billion yuan was injected via MLF in May.
In terms of interest rates, the 1-year MLF bid interest rate remained at 2.75% this month, and has not been adjusted for nine consecutive months since August last year.
For this month's MLF operation, based on the comprehensive analysis of market participants, in terms of "price", although the market interest rate has fallen rapidly, whether the interest rate cut can be implemented still depends on the progress of economic recovery. In terms of the amount, the PBOC’s reverse repurchase operations have been maintained at a relatively low level recently, and the necessity for large amounts of MLF is low amid ample liquidity.
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