China's central bank injected billions of yuan through medium-term loans into the financial system on Monday, which many market participants interpreted as an effort to prop up the economy, although the cost of such borrowing was left unchanged.
Widening outbreaks of the Delta variant across the country, torrential rains and flooding, and slowing economic growth momentum suggested by recent data all required more easing measures to cushion the slowdown, analysts say.The People's Bank of China kept the rate on a one-year medium-term lending facility loan worth 600 billion yuan to some financial institutions steady at 2.95% from previous operations.
"The amount of rollover is larger than expected; but the reliance on liquidity on the earlier RRR cut to cover the balance is a mild disappointment to the market, as not even the short-term open market operations are used," said Frances Cheung, rates strategist at OCBC Bank. A total of 3.05 trillion yuan worth of MLF loans is set to expire in the fourth quarter of this year, according to Reuters calculations based on the official data.
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