China cbank leaves key policy rate unchanged as expected

Hoardings surround the People's Bank of China (PBOC) building in Beijing, China, on Wednesday, May 29, 2024. - Photographer: Andrea Verdelli/Bloomberg

SHANGHAI/SINGAPORE: China's central bank left a key policy rate unchanged as expected on Monday when rolling over maturing medium-term loans, and drained some funds from the banking system.

The People's Bank of China (PBOC) said it was keeping the rate on 182 billion yuan ($25.08 billion) worth of one-year medium-term lending facility (MLF) loans to some financial institutions unchanged at 2.50% from the previous operation.