Funds boost liquidity
Print Edition
CHINA’S central bank yesterday announced lending worth 393.5 billion yuan (US$57.33 billion) to 22 financial institutions via medium-term lending facility to keep liquidity stable.
The MLF operation included 150 billion yuan that will mature in six months and 243.5 billion yuan that will mature in one year, the People’s Bank of China said.
The interest rates were 2.95 percent for the six-month MLFs and 3.1 percent for the one-year MLFs, both flat with previous operations.
Analysts say the move aims to offset recent liquidity drains. Meanwhile money-pumping operations adopted before the Chinese New Year will become due. China Minsheng Bank estimated 1.7 trillion yuan will exit the banking system this week.
On the interbank market yesterday, the overnight Shanghai Interbank Offered Rate rose to 2.2658 percent, indicating tightening liquidity.
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