PBoC holds key interest rate unchanged

State council defers some firms’ tax payments and says it will increase support measures

The People’s Bank of China
The People's Bank of China

The People’s Bank of China kept its one-year medium-term lending facility (MLF) unchanged today (September 15), signalling a pause in its monetary easing cycle.

The PBoC also made a further 400 billion yuan ($57.2 billion) worth of loans to some financial institutions at 2.75%. With 600 billion yuan worth of such loans maturing on the same day, that resulted in a net withdrawal of 200 billion yuan from the banking system.

The PBoC’s latest move to keep the MLF rate unchanged matched market

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