China central bank unexpectedly conducts medium-term loan operation, cuts interest rate

China’s central bank unexpectedly conducted a medium-term lending facility (MLF) operation on Thursday and cut the interest rate, following a string of other rate reductions earlier this week.

The People’s Bank of China (PBOC) said it lowered the rate on 200 billion yuan ($27.5 billion) of one-year MLF loans to some financial institutions by 20 basis points to 2.30%, according to an online statement.

It also injected 235.1 billion yuan through seven-day reverse repos at 1.70%.
($1 = 7.2625 yuan)

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