China central bank cuts medium-term loan rate [CNBC]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
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Source: CNBC
The People's Bank of China said it cut the rate on 300 billion yuan ($42.66 billion) worth of one-year medium-term lending facility loans to some financial institutions to 2.00% from 2.30%. The bid rates in Wednesday's operation ranged from 1.90% to 2.30%, and the total balance of MLF loans now stands at 6.878 trillion yuan, the central bank said in an online statement. A batch of 591 billion yuan worth of MLF loans expired this month. On Tuesday, Beijing unveiled its biggest stimulus since the pandemic to pull the economy out of its deflationary funk and back towards the government's growth target. "The partial rollover did not come as a surprise especially with the planned reserve requirement ratio (RRR) cut," said Frances Cheung, head of FX and rates strategy at OCBC Bank, referring to the central bank's planned 50-basis-point cut to the amount of cash that banks must hold as reserves. "Looking ahead, the window of opportunity is there for another RRR cut before year end
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