China central bank offers salve to jittery markets with surprise MLF injection

SHANGHAI - China’s central bank surprised markets on Monday with an injection of medium-term cash into the banking system, in what traders and analysts viewed as a move to calm nerves rattled by a string of recent bond defaults.

The PBOC also said it would conduct another MLF operation on Dec. 15 to roll over maturing loans for December, with volume dependent on market demand. While the injection came as a surprise, Ken Cheung, chief Asian FX strategist at Mizuho Bank in Hong Kong, said that it followed from regulatory efforts to stabilise market expectations following a series of bond defaults, including a recent meeting of China’s Financial and Stability Development Committee that vowed “zero tolerance” for misconduct.

Benchmark 10-year Chinese government bond futures for March delivery, the most-traded contract, rose 0.33%.

What's a MILF injection

anti-Marxismlist! On my opinion, the human society is running on these: 1 technology define theoretical economic aggregate 2 labour define gross economy 3 finance system define distribution of wealth from gross economy

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