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China's central bank disappointed the market after it renewed only part of loans maturing this month and refrained from an interest rate cut expected by the market.
The People's Bank of China (PBOC) injected 200 billion yuan ($28 billion) in fresh liquidity to the banking system via Medium-term Lending Facility (MLF) on Monday.
The PBOC allowed 120 billion yuan of 7-day reverse repurchase agreements to expire on Monday, after the maturity of 500 billion yuan of MLF loans last week. Another 240 billion yuan of the one-year MLF loans are . . .
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