China's central bank shifted the date of its monthly medium-term lending operation, a widely expected move that's part of monetary policy overhaul aimed at letting short-term rates play a bigger role in guiding markets.
The People's Bank of China said Thursday that it would move the date on which it injects one-year liquidity to commercial lenders on August to the 26th, without specifying if the shift is permanent or temporary.
Meanwhile, the central bank offered 577.7 billion yuan in funds, equivalent to about $81 billion, to banks via seven-day reverse repos at an interest rate of 1.7%, unchanged from its prior operation.
Thursday's decisions come days after official data this week showed that Chinese banks' loan issuance plummeted in July from the prior month as credit lent to the real economy contracted for the first time in nearly two decades amid a continued property-sector slump.
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(END) Dow Jones Newswires
08-14-24 2204ET
