PBOC injects US$58b via MLF in April
Print Edition
China’s central bank continued to pump cash into the money market in April to maintain reasonable liquidity.
The People’s Bank of China said yesterday in an online statement that 367.5 billion yuan (US$58 billion) was added via the medium-term lending facility last month, down from a 432.5-billion-yuan injection in March.
The funds will mature in one year at an interest rate of 3.3 percent, up from 3.25 percent in March.
Total outstanding MLF loans fell to slightly over 4 trillion yuan at the end of April, down from 4.91 trillion yuan a month ago, as the PBOC cut required deposit reserves for some banks to help them pay back the MLF loans due on April 25.
The MLF tool was introduced in 2014 to help commercial and policy banks maintain liquidity by allowing them to borrow from the PBOC using securities as collateral.
In April, the PBOC also injected 53.2 billion yuan of funds through pledged supplementary lending to China Development Bank, the Export-Import Bank of China, and the Agricultural Development Bank of China.
Another 46.7 billion yuan was lent to financial institutions through the standing lending facility to meet provisional liquidity demand.
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