Never back against the PBOC
China unexpectedly cuts 2 key rates, withdraws cash from banking system
https://www.reuters.com/world/china/china-unexpectedly-cuts-2-key-rates-withdraws-cash-banking-system-2022-08-15/
SHANGHAI, Aug 15 (Reuters) - China's centralbank unexpectedly cut a key interest rate for the second time this year and withdrew some cash from the banking system on Monday, to try to revive credit demand to support the COVID-hit economy.Economists and analysts said they believe Chinese authorities are keen to support the sluggish economy by allowing a widening policy divergence with other major economies that are raising interest rates aggressively.The People's Bank of China (PBOC) said it was lowering the rate on 400 billion yuan ($59.33 billion) of one-year medium-term lending facility (MLF) loans to some financial institutions by 10 basis points (bps) to 2.75%, from 2.85%.In a poll of 32 market watchers last week, all respondents had forecast the MLF rate would be left unchanged and 29 had predicted there would be a partial rollover. read moreizuho Bank.China's 10-year treasury futures jumped more than 0.7% in early trade following the rate decision, while yields on sovereign bond for the same tenor fell about 5 basis points.The central bank also injected 2 billion yuan through seven-day reverse repos while cutting the borrowing cost by the same margin of 10 bps to 2.0% from 2.1%, according to an online statement.The PBOC lowered both rates by 10 bps in January.($1 = 6.7425 Chinese yuan)Register now for FREE unlimited access to Reuters.comRegisterReporting by Winni Zhou and Brenda Goh; Editing by Kim Coghill and Neil Fullick
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