Financial News: China Keeps Medium-Term Lending Facility Rate Unchanged

China Keeps Medium-Term Lending Facility Rate Unchanged

11/25/2024 - 03:02:00 (RTTNews)

(RTTNews) - China's central bank left the rate on medium-term lending facility unchanged on Monday after cutting the rate in September.

The People's Bank of China maintained the MLF rate at 2.0 percent. The bank offered CNY 900 billion via one-year policy loans.

Following the operation, the outstanding balance of the MLF was CNY 6.239 trillion.

Previously, the bank had reduced the rate on MLF by 30 basis points in September, which was the first reduction since July.

Today, the PBoC also conducted seven-day reverse repo operations for an amount of CNY 249.3 billion at a rate of 1.50 percent. In a statement, the central bank said it aims to keep adequate and reasonable liquidity in the banking system.

In the third quarter, the second largest economy posted its slowest growth in more than a year. Gross domestic product rose only 4.6 percent in the third quarter.

Authorities rolled out a sequence of measures since late September to help the economy to achieve the growth target of around 5 percent this year. The apex bank also unveiled massive easing steps to cope with challenging economic conditions.

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