China’s central bank rolls over $15.46b maturing mid-term loans: report

Fund injection is meant to keep banking system liquidity reasonably ample, PBOC said.

The People’s Bank of China (PBOC) has partially rolled over maturing medium-term loans on 15 July, the same day when a cut in bank’s reserve requirements takes effect, reports Reuters.

In an online statement, PBOC said that it is keeping the interest rate on $15.46b (CNY100b) worth of one-year medium-term lending facility (MLF) loans to some financial institutions steady at 2.95%.

The central bank said the fund injection was meant to "keep banking system liquidity reasonably ample" as many institutions still had mid- to long-term cash demand amid the tax payment season.

The fresh fund injection did not cover all the expiring MLF loans with a value of about $61.8b (CNY400b) that are due on the same day.

Read more from Reuters

(CNY1 = US$0.15)

Photo courtesy of Eric Prouzet

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