The PBoC 1-Year Medium-term Lending Facility (MLF) announcement details the interest rate and the amount of liquidity the People's Bank of China provides to commercial banks. The MLF rate is a crucial benchmark as it directly influences the Loan Prime Rate (LPR), which is the reference for most corporate and household loans in China. Changes in this rate are a primary signal of China's monetary policy direction. It is used to manage liquidity in the banking system and support economic growth targets.
The People's Bank of China determines the interest rate and the volume of funds offered based on domestic economic conditions and liquidity requirements. The operations are typically conducted via auctions with primary dealers.
| Date | Actual | Forecast | Surprise |
|---|---|---|---|
| Dec 25, 2024 | 2.00 | 2.00 | 0.00 |
| Nov 25, 2024 | 2.00 | 2.00 | 0.00 |
| Oct 25, 2024 | 2.00 | 2.00 | 0.00 |
| Sep 25, 2024 | 2.00 | 2.00 | 0.00 |
| Aug 26, 2024 | 2.30 | — | — |
| Jul 25, 2024 | 2.30 | — | — |
| Jul 15, 2024 | 2.50 | 2.50 | 0.00 |
| Jun 17, 2024 | 2.50 | 2.50 | 0.00 |
| May 15, 2024 | 2.50 | 2.50 | 0.00 |
| Apr 15, 2024 | 2.50 | 2.50 | 0.00 |
| Mar 15, 2024 | 2.50 | 2.40 | +0.10 |
| Feb 18, 2024 | 2.50 | — | — |
| Jan 15, 2024 | 2.50 | 2.50 | 0.00 |
| Dec 15, 2023 | 2.50 | 2.50 | 0.00 |
| Nov 15, 2023 | 2.50 | 2.50 | 0.00 |
| Oct 16, 2023 | 2.50 | 2.50 | 0.00 |
| Sep 15, 2023 | 2.50 | 2.50 | 0.00 |
| Aug 15, 2023 | 2.50 | — | — |
| Jul 17, 2023 | 2.65 | 2.65 | 0.00 |
| Jun 15, 2023 | 2.65 | 2.65 | 0.00 |
| May 15, 2023 | 2.75 | 2.75 | 0.00 |
| Apr 17, 2023 | 2.75 | 2.75 | 0.00 |
| Mar 15, 2023 | 2.75 | 2.75 | 0.00 |
| Feb 15, 2023 | 2.75 | 2.75 | 0.00 |
| Dec 15, 2022 | 2.75 | — | — |
| Nov 15, 2022 | 2.75 | 2.75 | 0.00 |
| Oct 17, 2022 | 2.75 | — | — |
| Sep 15, 2022 | 2.75 | — | — |
