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Save Pot & Spend Pot – How Do They Work?.Still, some traders and analysts expect the central bank to imminently cut RRR and repay MLF loans. The sizable depreciation has prompted authorities to step up efforts to support the currency, with many analysts believing policymakers may view yuan stability as a prerequisite for restoring confidence in yuan assets. currency, the yuan CNY=CFXS has lost more than 5% to the dollar so far this year to become one of the worst performing Asian currencies. Pressured by China's surprising post-COVID tailspin and a stronger U.S. The interest rate on one-year AAA-rated negotiable certificates of deposit (NCDs) AAANCD1Y=CFXS, which measure short-term inter-bank borrowing costs, is hovering at a six-month high of 2.5698%, about 7 bps higher than the MLF rate the central bank charges financial institutions. Still, Wang expects the central bank to cut the MLF rate by another 10 basis points (bps) and lower banks' reserve requirement ratio (RRR) by a further 25 bps before year-end in order to help smooth the impact of higher government bond issuance in coming months. rates and the depreciation pressure on the yuan may also constrain the PBOC's policy rate cut,' she said. 'We do not expect the central bank to significantly cut policy rates, as most policymakers do not believe policy rates are the main reason for the current economic weakness,' said Wang Tao, chief China economist at UBS. China recently stepped up its fiscal stimulus with a newly approved 1 trillion yuan of sovereign bond issuance, at a time when the sputtering economic recovery also calls for more liquidity support, market watchers said.Īll 31 market participants polled this week expected the People's Bank of China (PBOC) would inject fresh funds to exceed the maturing 850 billion yuan ($116.53 billion) worth of one-year medium-term lending facility (MLF) loans on Wednesday.Īmong them, 28, or 90% of all respondents, predicted no change to the borrowing cost CNMLF1YRRP=PBOC, which currently stands at 2.5%, while the remaining three projected a marginal interest rate cut.

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