BEIJING - China's central bank pumped 370 billion yuan ($60.29 billion) liquidity into banks via mid-term lending facility (MLF) in the first quarter of this year, the bank said Friday.
According to the People's Bank of China (PBOC), its outstanding MLF to banks mounted up to 1.0145 trillion yuan by the end of the first quarter. The MLF all lasts three months with an interest rate of 3.5 percent.
The new liquidity management tool of MLF was introduced last September to boost the real economy by lowering lending rates and cutting costs for enterprises in fundraising.
The central bank pumped 334.7 billion yuan liquidity for banks via another liquidity management tool, the standing lending facility (SLF) in the first quarter of this year, with a balance of 170 billion yuan by Q1,the announcement said.
SLF was brought in by the central bank at the beginning of 2013 to meet liquidity needs from banks, especially before holidays.
Small and medium-sized banks nationwide were authorized in early February to conduct SLF for small financial institutions after the success of a 10-region pilot that has lasted for over a year.
From April, PBOC will publicize on monthly basis detailed information about its MLF and SLF operations conducted in the month prior.
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