2024-04-15 04:18:04 ET
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People’s Bank of China kept the rate on CNY 100 billion worth of one-year policy loans to some financial institutions, known as the medium-term lending facility rate at 2.5% during its April fixing, as widely expected.
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With CNY 170 billion worth of MLF loans set to expire this month, the central bank drained a net CNY 70 billion of cash from the banking system, the second straight month of withdrawals.
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The move comes amid efforts to prioritize the stability of the yuan, at a time the local currency is facing renewed depreciation pressure.
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The decision to hold policy rates and drain liquidity comes after recent outlook for China.
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PBOC keeps one-year medium-term lending facility rate steady at 2.5% to aid economic recovery