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PBOC unexpectedly cut interest rate on MLF for first time since 2016

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The People's Bank of China cut the interest rate on its medium-term lending facility (MLF) on Tuesday for the first time since early 2016, as policymakers work to prop up a slowing economy.

The central bank injected 400 billion yuan into the banking system via one-year MLF as 403.5 billion yuan MLF loans matured on the day, according to its statement.

The PBOC lowered the interest rate on the one-year . . .

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