On January 16, the People’s Bank of China (PBOC) conducted medium-term lending facility (MLF) operations in the amount of RMB779 billion, with an interest rate of 2.75 percent, unchanged from the previous operations.
On January 18, the PBOC issued the Notice on the Issuance of Central Bank Lending to National Financial Asset Management Companies to Ease the Financial Burdens on Real Estate, providing low cost funds to national financial asset management companies to support them in the acquisition of existing projects of distressed real estate enterprises.
On January 19, the PBOC issued the Notice on Matters Relating to Extending the Carbon Emissions Reduction Facility, clarifying that the facility will be extended for two additional years until 2024, and it will include some foreign banks and local corporate banks.
On January 20, with the authorization of the PBOC, the National Interbank Funding Center (NIFC) announced the Loan Prime Rate (LPR) as follows: the one-year and the over-five-year LPR would be 3.65 percent and 4.30 percent, respectively, unchanged from the previous announcement.
On February 1, the PBOC reported to the Financial and Economic Affairs Committee of the National People’s Congress (NPC) on monetary policy implementation in 2022.
On February 7, the PBOC signed a Memorandum of Understanding (MOU) with Banco Central do Brasil (BCB) to establish Renminbi (RMB) clearing arrangements in Brazil. On February 21, the PBOC authorized the Industrial and Commercial Bank of China (Brazil) Co., Ltd. (ICBC Brazil) to function as the clearing bank for RMB business in Brazil.
On February 10, the PBOC issued the Notice on Matters Regarding the Pilot Support Scheme for Rental Housing Loans, guiding financial institutions to issue long-term loans, at their own discretion and at their own risk, for rental housing purchases by specialized rental housing operators in pilot cities.
On February 15, the PBOC conducted MLF operations in the amount of RMB499 billion, with an interest rate of 2.75 percent, unchanged from the previous operations.
On February 20, with the authorization of the PBOC, the NIFC announced the LPR as follows: the one-year and the over-five-year LPR would be 3.65 percent and 4.30 percent, respectively, unchanged from the previous announcement.
On February 24, the PBOC released the China Monetary Policy Report (Q4 2022).
On March 15, the PBOC conducted MLF operations in the amount of RMB481 billion, with an interest rate of 2.75 percent, unchanged from the previous operations.
On March 20, with the authorization of the PBOC, the NIFC announced the LPR as follows: the one-year and the over-five-year LPR would be 3.65 percent and 4.30 percent, respectively, unchanged from the previous announcement.
On March 27, the PBOC lowered the reserve requirement ratio (RRR) for financial institutions by 0.25 percentage points (excluding those that had already implemented an RRR of 5 percent).
On April 7, the PBOC Monetary Policy Committee held its first quarterly meeting of 2023.
