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 20, the PBOC and the Central Bank of Egypt (CBE) renewed their bilateral currency swap agreement. The size of the agreement is RMB 18 billion/EGP 80.7 billion.
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.
On April 14, the PBOC reported to the Financial and Economic Affairs Committee of the National People’s Congress (NPC) on monetary policy implementation in Q1 2023.
On April 17, the PBOC conducted MLF operations in the amount of RMB170 billion, with an interest rate of 2.75 percent, unchanged from the previous operations.
On April 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 April 28, the PBOC issued the Interim Measures for the Administration of Cooperation on Mutual Access Between Chinese Mainland and Hong Kong Interest Rate Swap Markets (Announcement No. 8 [2023] of the PBOC).
On May 15, the PBOC released the China Monetary Policy Report (Q1 2023).
On May 15, the PBOC conducted MLF operations in the amount of RMB125 billion, with an interest rate of 2.75 percent, unchanged from the previous operations.
On May 15, the mutual access between the Chinese Mainland and Hong Kong interest rate swap markets (Swap Connect) was officially launched.
On May 22, 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 June 9, the PBOC solicited public opinions on the Measures for Administration of Bond Valuation Business in the Interbank Bond Market (Exposure Draft).
On June 9, the PBOC and the Central Bank of Argentina (BCRA) renewed their bilateral currency swap agreement. The size of the agreement is RMB130 billion or ARS4.5 trillion.
On June 13, the PBOC lowered the standing lending facility (SLF) interest rates. Among which, the overnight rate was lowered from 2.85 percent to 2.75 percent, the 7-day rate was lowered from 3 percent to 2.9 percent, and the 1-month rate was lowered from 3.35 percent to 3.25 percent.
On June 15, the PBOC conducted MLF operations in the amount of RMB237 billion, with an interest rate of 2.65 percent, down 10 basis points from the previous operations.
On June 16, the PBOC, together with the National Administration of Financial Regulation (NAFR), the China Securities Regulatory Commission (CSRC), the Ministry of Finance (MOF), and the Ministry of Agriculture and Rural Affairs (MOA), issued the Guiding Opinions on Providing Financial Support for Advancing Rural Revitalization Across the Board and Stepping Up Efforts to Build Up China’s Strength in Agriculture, focusing on the establishment and improvement of a multi-level, wide-coverage, sustainable, and modern financial service system for rural areas and the enhancement of its capacity for financial services.
On June 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 3.55 percent and 4.20 percent, respectively, down 10 basis points from the previous announcement.
On June 28, the PBOC Monetary Policy Committee held its second quarterly meeting of 2023.
