SHANGHAI, July 15 (Reuters) - China’s central bank partially rolled over maturing medium-term loans on Thursday, the same day when a cut in the banks’ reserve requirements takes effect. The People’s Bank of China (PBOC) said in a statement it was keeping the rate on 100 billion yuan ($15.46 billion) worth of one-year medium-term lending facility (MLF) loans to some financial institutions steady at 2.95% from previous operations. The fresh fund injection did not cover all the expiring MLF loans with a value of 400 billion yuan due on the same day. China cut the amount of cash that banks must hold as reserves, effective on July 15, releasing around 1 trillion yuan in long-term liquidity to underpin its post-COVID economic recovery that was starting to lose momentum. In the same statement, the PBOC said it had injected another 10 billion yuan worth of seven-day reverse repos into the financial system, offsetting same amount of such loans due on the same day. ($1 = 6.4688 Chinese yuan) Reporting by Winni Zhou and Andrew Galbraith; Editing by Jacqueline Wong Our Standards: The Thomson Reuters Trust Principles.
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