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Central bank cuts MLF interest rate by 5 bps

China's central bank on Tuesday cut the interest rate on its medium-term lending facility (MLF) for the first time since early 2016. The People's Bank of China (PBOC) said on its website that it was lowering the rate on one-year MLF loans by 5 basis points (bps) to 3.25 percent from 3.30 percent. The PBOC said it had injected 400 billion yuan ($56.92 billion) into financial institutions via the liquidity tool, slightly less than a batch of MLF loans worth 403.5 billion yuan due to mature on Tuesday. The MLF rate acts as a guide for the PBOC's new lending benchmark, the Loan Prime Rate.

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