Bloomberg on an interview given by People’s Bank of China research bureau chief economist Ma Jun:

  • The PBOC has provided more than 600b yuan mid-term liquidity support through MLF, SLF and PSL operations
  • This may substitute for a reserve requirement ratio cut
  • This will play positive role to stabilize market expectations and interest rates

Ma Jun interview with China Central Television

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MLF = Medium-term Lending Facility

  • Introduced in November 2014
  • PBOC lends for periods around 6 months

SLF = Standing Lending Facility

  • Introduced in 2013

PSL = Pledged Supplementary Lending

  • Lending from the PBOC usually directly with individual banks