PBoC holds key rate for tenth consecutive month

May data shows continued property downturn and improvement in retail sales and industrial production

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

The People’s Bank of China (PBoC) kept a key policy rate unchanged for the tenth consecutive month today (June 17).

The PBoC held the rate on 182 billion yuan ($25 billion) of one-year medium-term lending facility (MLF) loans to financial institutions at 2.5%, unchanged since August 2023. With 237 billion yuan of MLF loans set to expire this month, the operation withdrew a net 55 billion yuan from the banking system.

Analysts see the MLF as a guide to any changes to the loan prime rates (LPRs)

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