July 23, 2019 / 2:18 AM / 2 months ago

China c.bank injects 497.7 bln yuan via medium-term loans, rollsover maturing ones

SHANGHAI, July 23 (Reuters) - China’s central bank on Tuesday lent a total of 497.7 billion yuan ($72.31 billion) worth of medium-term loans to financial institutions, with interest rates unchanged.

Global financial markets are closing watching China amid expectations it will soon step up policy easing to support the slowing the economy.

The People’s Bank of China (PBOC) extended 200 billion yuan via its one-year medium-term lending facility (MLF) loans and another 297.7 billion yuan through targeted medium-term lending facility (TMLF) loans, it said in a statement.

The interest rates for both liquidity facilities were unchanged from previous levels. The one-year MLF and TMLF remained at 3.30 percent and 3.15 percent, respectively, the PBOC said.

The central bank also said banking system liquidity will be “reasonably ample” after lending operations, while Tuesday’s operations were “basically equivalent” to medium term loans expiring on the day, according to the statement.

A batch of 502 billion yuan worth of MLF loans, along with another 160 billion yuan in reverse repos, is set to expire on Tuesday, according to Reuters calculation based on official data.

$1 = 6.8830 Chinese yuan Reporting by Winni Zhou and Andrew Galbraith; Editing by Kim Coghill

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