People's Bank of China issues a 500m yuan MLF

Medium-term loan facility conducted by the PBOC

• one year
• rate 2.95% (unchanged from previous LMLF)

Earlier in the week was an expectation of an RRR cut or MLF. Here's the MLF. RRR cuts are often forecast but rarely materialise.

Further easing from the PBOC, in the form of a cut to lending rates (LPR, the next setting of these is due on the 20th of this month) or a RRR cut. Calling the timing is very difficult indeed.