PBoC holds key rate

China’s central bank refrains from further stimulus amid weak yuan


The People’s Bank of China (PBoC) held its key policy rate yesterday (February 18) amid a weak currency and a sluggish economic recovery. 

The central bank has kept the medium-term lending facility (MLF) rate at 2.5% since August 2023. It said yesterday’s decision was aimed at maintaining adequate liquidity within the banking system.

The PBoC yesterday injected 500 billion yuan ($69 billion) into the banking system. With 499 billion yuan of MLF loans to financial institutions set to expire this

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