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IPFS News Link • China
PBOC injects $81 bln, delays MLF as seen re-aligning rate framework
• ReutersThe People's Bank of China's (PBOC) delivered a series of interest rate reductions last month and the sequence of the cuts showed its framework had changed, market watchers said, shifting the short-term rate to being the main signal guiding markets.
On Thursday, the PBOC said it lent 577.7 billion yuan ($80.9 billion) through seven-day reverse bond repurchase agreements at 1.7% in an open market operation, unchanged from previously.
It added that the cash injection was meant to counteract factors including maturing medium-term lending facility (MLF) loans, tax payments and government bond issuance, in order to "keep banking system liquidity reasonably ample," according to an online statement.