Intriguing Stability: China’s Central Bank Holds Mid-term Lending Rate Steady

The People's Bank of China (PBOC) conducted a medium-term lending facility (MLF) operation today and maintained the interest rate. The central bank provided 700 billion yuan in one-year MLF loans to certain financial institutions to roll over the 789 billion yuan in MLF loans that are set to mature this month. The interest rate on these loans was kept unchanged at 2.00%. The central bank noted that the bid rates in the operation ranged from 1.90% to 2.30%.