Financial News: China Cuts Medium-Term Lending Facility Rate

China Cuts Medium-Term Lending Facility Rate

09/25/2024 - 01:38:00 (RTTNews)

(RTTNews) - China's central bank lowered the rate on medium-term lending facility on Wednesday after unleashing an aggressive monetary easing package on Tuesday.

The interest rate on medium-term lending facility was reduced to 2.0 percent from 2.3 percent, the People's Bank of China said in a statement. The last reduction was in July. The PBoC conducted a CNY 300 billion MLF to maintain reasonable and ample liquidity in the banking system. The outstanding balance of the MLF was CNY 6.878 trillion.

On Tuesday, PBoC Governor Pan Gongsheng had unveiled a slew of stimulus measures to help the economy to reach its growth target.

Pan had announced a reduction to the reserve requirement ratio and rates on short-term instruments. The package also covered measures to support property market.

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