China’s Central Bank Extends Cash Support in May as Credit Growth Slumps

(Bloomberg) — China’s central bank injected more long-term liquidity into the financial system for the sixth month in a bid to bolster economic growth after multiple indicators revealed faltering recovery momentum.

The People’s Bank of China (PBOC) offered 125 billion yuan ($18 billion) of medium-term lending facility, 25 billion yuan more than the amount maturing in May. Eight of 10 analysts surveyed by Bloomberg prior to the operation expected a flat rollover. The rate on the one-year policy loans was kept at 2.75%, unchanged for a ninth month.