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☆ China c.bank boosts liquidity injection through policy loan, rate unchanged
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +4 min

A gardener works outside the headquarters of the central bank of the People's Republic of China in Beijing October 8, 2008. REUTERS/Jason Lee (CHINA) Acquire Licensing RightsSHANGHAI/SINGAPORE, Nov 15 (Reuters) - China's central bank ramped up liquidity injection but kept the interest rate unchanged when rolling over maturing medium-term policy loans on Wednesday, matching market expectations. The central bank said the loan operation was meant to maintain banking system liquidity reasonably ample to counteract short-term factors including tax payments and government bond issuance. All 31 market watchers polled by Reuters this week had expected the central bank to inject fresh funds to exceed the maturity. The most likely outcome is for PBOC to inject more support through open market operations, while leaving the MLF rate unchanged."

Persons: Jason Lee, Carlos Casanova, corporates, Xing Zhaopeng, Winni Zhou, Tom Westbrook, Christian Schmollinger, Stephen Coates Organizations: REUTERS, Rights, People's Bank of China, Reuters, AAA, ANZ, Thomson Locations: People's Republic of China, Beijing, China, CHINA, Rights SHANGHAI, SINGAPORE, Asia, UBP, United States

☆ China c.bank seen leaving policy loan rate unchanged on Tuesday
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +3 min

Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. REUTERS/Tingshu Wang/File PhotoSHANGHAI/SINGAPORE, Aug 14 (Reuters) - China's central bank is expected to keep rates on its medium-term policy loans unchanged on Tuesday, a Reuters survey showed, despite fresh signs the economic recovery is losing momentum. The People's Bank of China (PBOC) last lowered the rate by 10 basis points to 2.65% in June. "We believe more pro-growth policies are warranted to support the economic growth, and further easing in monetary policy can be expected," analysts at BofA Global Research said. They expect a 15-basis-point cut in one-year loan prime rate (LPR) in total in the third quarter of the year.

Persons: Tingshu Wang, Li Hongwei, Zhou, Tom Westbrook, Jacqueline Wong Organizations: People's Bank of China, REUTERS, HSBC, BofA Global Research, July's, Thomson Locations: Beijing, China, SHANGHAI, SINGAPORE, United States, Shanghai, Singapore

China's central bank said that financial regulators would fine Ant and its subsidiaries a total of 7.12 billion yuan, require it to stop operations of its crowdfunded medical aid service Xianghubao and compensate users. Reuters reported earlier, citing sources, that Chinese authorities intended to unveil its fine on Ant as early as Friday. The sources had earlier said that the fine on Ant had been revised to at least 8 billion yuan. Reuters reported in April that Chinese regulators were considering fining Ant about 5 billion yuan, a lower sum than what they initially had in mind. Alibaba was fined a record 18 billion yuan in 2021 for antitrust violations.

Persons: China c.bank, Ant, Ping, Rukim Kuang, Jack Ma, Jeffrey Towson, Pan Gongsheng, Pan, Didi Global, Alibaba, Julie Zhu, Jane Xu, Jason Xue, Kevin Huang, Meg Shen, Twinnie Sui, Josh Ye, Ethan Wang, Muralikumar Anantharaman, Brenda Goh, David Holmes, Susan Fenton Organizations: Ant, Singapore FinTech Festival, REUTERS, Ant Group, People's Bank of China, Reuters, Ping An Bank, PICC, HK, Postal Savings Bank, Tencent Holdings, Alibaba, Hong Kong, Financial Regulatory Administration, State Council, Lens Consulting, Thomson Locations: Singapore, China, HONG KONG, Ant's, Hong, Beijing, CHINA

Reuters reported earlier, citing sources, that Chinese authorities intended to unveil its fine on Ant as early as Friday. The National Financial Regulatory Administration (NFRA), a new government body under the State Council, is now the primary regulator to grant Ant the license, they added. The sources had earlier said that the fine on Ant had been revised to at least 8 billion yuan. Reuters reported in April that Chinese regulators were considering fining Ant about 5 billion yuan, a lower sum than what they initially had in mind. Alibaba was fined a record 18 billion yuan in 2021 for antitrust violations.

Persons: China c.bank, Ant, Ping, Rukim Kuang, Jeffrey Towson, Jack Ma, China's, Pan Gongsheng, Pan, Didi Global, Alibaba, Julie Zhu, Jane Xu, Jason Xue, Kevin Huang, Meg Shen, Twinnie Sui, Josh Ye, Ethan Wang, Muralikumar Anantharaman, Brenda Goh, David Holmes, Susan Fenton Organizations: Ant, Singapore FinTech Festival, REUTERS, Ant Group, People's Bank of China, Reuters, Ping An Bank, PICC, HK, Postal Savings Bank, Tencent Holdings, Tenpay, Alibaba, Hong Kong, Lens Consulting, Communist Party, Financial Regulatory Administration, State Council, Thomson Locations: Singapore, China, HONG KONG, Ant's, Hong, Beijing, CHINA

☆ China c.bank to support private firms, ease tech crackdown - CCTV
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +2 min

Monetary policy in 2023 will focus on expanding demand, especially personal consumption, Guo told state-owned CCTV on Sunday, reaffirming earlier official remarks. Chinese leaders have pledged to increase support for the world's second-largest economy, which was hit hard by COVID-19 lockdowns last year as well as slowing global demand. "Prudent monetary policy will be precise and forceful. China will also promote sound development of online platform companies, Guo said , adding rectification of financial businesses of 14 platform companies have been "basically completed" while a few remaining issues need to be resolved. Authorities will adopt "normalized regulation" afterwards and encourage platform companies to operate in a compliant manner, CCTV said.

☆ China c.bank says to support growth, sees moderate inflation in 2023
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Dec 2 (Reuters) - China's central bank will focus on supporting the slowing economy, People's Bank of China Governor Yi Gang said on Friday, adding that domestic consumer inflation is likely to stay moderate in 2023. The central bank's accommodative policy will help support China's economic recovery and employment, Yi said in a video speech to the Bank of Thailand-BIS conference in Bangkok. "Our focus is growth right now," Yi said, adding that China's economic growth is slower than expected due to the impact from the COVID-19 pandemic and other headwinds. Yi said advanced and emerging-market economies should improve policy collaboration to cope with challenges facing the global economy. Reporting by Kevin Yao; Editing by Tom Hogue & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: China c.bank to offer limited, targeted growth support, no bazooka
▼ + stars: | 2022-12-01 | by ( Kevin Yao | ) www.reuters.com time to read: +5 min

Since 2020, when the world's second-largest economy was first jolted by the coronavirus, the PBOC has expanded its arsenal of structural policy tools, including relending and rediscount facilities and other low-cost loans. "The central bank is likely to expand the scope of structural policy tools and step up the use of such tools," said a person involved in policy discussions who spoke on condition of anonymity. Its outstanding loans made via structural tools amounted to nearly 5.6 trillion yuan ($781.64 billion) at the end of September, central bank data showed. A central bank adviser said last month that China should set a growth target no lower than 5% for next year. On Nov. 21, the central bank kept its benchmark lending rates unchanged for a third straight month.

☆ Yellen, China c.bank governor Yi met for two hours of talks -U.S. official
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: 1 min

NUSA DUA, Indonesia, Nov 16 (Reuters) - U.S. Treasury Secretary Janet Yellen met for two hours of talks with China's central bank governor Yi Gang on Wednesday at the G20 summit in Bali, a U.S. treasury official said. "Their meeting had a frank, constructive, and positive tone", said the official. "In the context of global challenges, Secretary Yellen and Governor Yi also discussed G20 issues." Reporting David Lawder Writing by Ed Davies Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

☆ China c.bank reaffirms it will step up support for real economy
▼ + stars: | 2022-10-30 | by ( Valentine Hilaire | ) www.reuters.com time to read: +1 min

BEIJING, Oct 30 (Reuters) - China's central bank will step up credit support for the real economy while keeping the yuan basically steady, Governor Yi Gang said in comments published on Sunday, reaffirming the bank's existing policy objectives. "We will keep liquidity reasonably ample, increase credit support to the real economy," Yi was quoted by a central bank statement as saying during a parliament session on Friday. The central bank will make 200 billion yuan ($27.6 billion)in special loans to ensure the delivery of stalled housing projects, Yi said. China will properly resolve financial risks in the real estate sector and guide financial institutions to meet property developers' demand for financing, within reason, Yi said. Between 2017 and 2021, China disposed of non-performing assets in the banking sector worth more than 12 trillion yuan, he said.

☆ China c.bank rolls over policy loans for liquidity, keeps rate unchanged
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +3 min

SHANGHAI, Oct 17 (Reuters) - China's central bank rolled over maturing medium-term policy loans while keeping the interest rate unchanged for a second month on Monday, largely in line with market expectations. The People's Bank of China (PBOC) said it was keeping the rate on 500 billion yuan ($69.55 billion) worth of one-year medium-term lending facility (MLF) loans to some financial institutions unchanged at 2.75% from the previous operation. Previously, the PBOC drained a net 200 billion yuan each in August and September. In a poll of 27 market watchers conducted last week, all respondents forecast no change to the MLF rate, with the vast majority of them expecting a partial rollover. The MLF rate serves as a guide to the loan prime rate (LPR), which is scheduled for release on Thursday.

☆ China c.bank rolls over policy loans to maintain liquidity, keeps rate unchanged
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +3 min

The People's Bank of China (PBOC) kept the rate on 500 billion yuan ($69.6 billion) worth of one-year medium-term lending facility (MLF) loans to some financial institutions at 2.75%, unchanged from the previous operation. Monday's liquidity injection was to "keep banking system liquidity reasonably ample" and to "fully meet financial institutional demand," the PBOC said in an online statement. In a poll of 27 market watchers conducted last week, all respondents forecast no change to the MLF rate, with the vast majority of them expecting a partial rollover. Widening policy divergence could risk yuan depreciation and capital outflows, despite inflationary pressure in China remaining largely benign by global standards. The MLF rate serves as a guide to the loan prime rate (LPR), which is scheduled for release on Thursday.

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