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PBOC surprises markets with an off-schedule 20bp cut to the MLF
It's been a busy week for the PBOC. After cutting the 7-day reverse repo rate on Monday, and seeing banks lower their loan prime rates and deposit rates, the PBOC continued its easing with a 20bp cut to the 1-year medium-term lending facility (MLF) rate, bringing the MLF down from 2.5% to 2.3%. This decision came as a surprise to markets for two reasons: the timing and the scale. On the timing, the PBOC has previously been on a somewhat reliable schedule of announcing the MLF monthly. After keeping the MLF unchanged earlier this month, most had assumed monetary policy would likely remain unchanged this month. ... (full story)
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- Posted: Jul 25, 2024 12:04am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 2,662
