China’s central bank injects $40-billion in targeted loans as broader easing appears on hold GlobeBusiness
China’s central bank extended 267.4 billion yuan to some commercial banks on Wednesday via its targeted medium-term lending facility as it looks to provide struggling smaller business with a steady stream of affordable financing.
The PBOC said the one-year interest rate on the TMLF was 3.15 percent, the same as the previous operation, and 15 basis points lower than medium-term lending facility loans. But they stressed the PBOC’s easing bias remains unchanged, and noted that fiscal stimulus such as tax cuts are only beginning to work their way through the economy, providing continued policy support in various forms.
The latest TMLF “matches the central bank’s recent attitude that it does not want the market to speculate on further monetary policy easing,” Stephen Chiu, FX and rates strategist at China Construction Bank in Hong Kong, said in a note.While March data fueled optimism that the economy may be starting to stabilise after growth slowed to a near 30-year low in 2018, analysts have cautioned it is too early to tell if it is back on sustainable, solid footing.
But “the macro backdrop does not justify a shift in the monetary policy stance to the hawkish side yet, in our view, as after all, there are only preliminary signs of a bottoming out in economic activities,” she added.
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