The first seven-day cut by the people's Bank of China in more than four years

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      They also pointed out that the new round of LPR quotations on loan market will be launched this Wednesday. Considering that MLF (medium-term loan facility) and reverse repo rate have been cut down, it is estimated that the LPR downgrade is basically a foregone conclusion.
After 15 days' absence, the open market of the people's Bank of China carried out a reverse repo operation of RMB 180 billion earlier, with a term of seven days, and the bid winning rate dropped by 5 basis points (BP) to 2.50%. Industry insiders said the move followed the fall in the month's junior high lending facility (MLF) interest rate, not exceeding expectations completely, while further consolidating Wednesday's LPR cut expectations.
Only a week later, the Central Bank of China on Friday again carried out MLF operation, and the interest rate remained stable. At the peak of tax payment, the central bank eased the capital pressure and also put in long-term liquidity to maintain the stability of the interbank market. However, two consecutive months of MLF operation without maturity shows that monetary policy will rely more on targeted instruments in terms of total amount or weaken the expectation of reducing the reserve ratio in the context of inflation pressure.
On November 5, the open market of the people's Bank of China continued to carry out the one-year medium-term lending facility (MLF) of 400 billion yuan in equal volume, and after more than three and a half years, it unexpectedly lowered the interest rate by 5 basis points. After the Fed cut interest rates again, the central bank lowered the MLF interest rate to help reduce the financing cost of real enterprises and boost the economy, indicating that between stable growth and price stability, the central bank is more inclined to stable growth.


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