China Central Bank Signals Shift in Monetary Policy Focus
A rare announcement by the People’s Bank of China (PBOC) that it offered liquidity to banks through its Pledged Supplementary Lending (PSL) facility, a tool to encourage credit to favored sectors, has provided another signal that the central bank is fine-tuning monetary policy to reduce some of its emphasis on deleveraging.
The PBOC doesn’t usually report its PSL transactions until the beginning of the following month, when it releases a summary of its liquidity management operations, which include other tools such as the Medium-Term Lending Facility. But the central bank announced on Monday it had handed out 80.1 billion yuan ($12.6 billion) through PSL, the same day the loans were made.
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