UPDATE 1-China Sept rate cut bets still intact despite no MLF rollover [Reuters (UK)]
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Source: Reuters
UPDATE 1-China Sept rate cut bets still intact despite no MLF rollover - Reuters 3 Min Read (Writes through, adds analyst quotes) SHANGHAI, Sept 9 (Reuters) - China’s central bank surprised markets by not rolling over medium-term loans on Monday, signalling Beijing is keen to avoid flooding the financial system with liquidity even as authorities take steps to boost bank lending to prop-up a slowing economy. Traders had expected the People’s Bank of China (PBOC) to issue one-year medium-term lending facility (MLF) loans at a lower rate, as a batch of 176.5 billion yuan ($24.77 billion) worth of MLF loans were due to mature on the day. But while the PBOC said it didn’t conduct MLF operations, market participants and analysts still expect the central bank will cut the MLF rate in coming weeks to support economic growth. “It’s quite unexpected,” said Tang Jianwei, economist at Bank of Communications, who had forecast a cut in MLF rate citing growing downward pressure on China’s economy. “
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