PBoC holds key policy rate

Central bank holds off easing amid yuan weakness and banks’ narrowing margins

pboc building

The People’s Bank of China (PBoC) left its key policy rate unchanged and withdrew liquidity from the banking sector today (March 15).

The PBoC offered 387 billion yuan ($53.8 billion) of one-year medium term lending facility (MLF) loans to financial institutions at a rate of 2.5%, unchanged since August 2023.

With 481 billion yuan worth of MLF loans set to expire this month, the decision means a net withdrawal of 94 billion yuan from the banking system. This was the PBoC’s first liquidity

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