China's central bank cut the interest rate on its targeted medium-term lending facility (TMLF) on Friday, following similar reductions to borrowing costs on other liquidity tools in the past few weeks to support the economy.
SHANGHAI - China’s central bank cut the interest rate on its targeted medium-term lending facility on Friday, following similar reductions to borrowing costs on other liquidity tools in the past few weeks to support the economy.
In the same statement, the central bank said it injected 56.1 billion yuan into the economy on Friday, when a batch of 267.4 billion yuan of TMLF loans was due to expire. “While the rates are the same, the recipients can be different, hence these are still two facilities,” she said. China has greatly stepped up easing efforts since the outbreak of the new coronavirus which has caused massive business disruption and lead to the world’s second-largest economy posting its first quarterly contraction for the first time on record.
“But with the economy struggling to get back on track and external headwinds intensifying, we still anticipate additional easing measures in the coming months,” he said in client note.
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