中国人民银行（PBoC）于12月25日通过一年期中期贷款工具（MLF）向金融机构发放了3000亿元人民币，利率不变，为2.0%。相比之下，本月到期的MLF贷款为1.45万亿元，净现金提取为1.15万亿元，为2014年以来的最高水平。这是继9月份创纪录地下降30个基点后，MLF利率连续第三个月保持稳定。12月初，政策制定者发誓要实施“适度宽松”的货币政策，这是14年来首次改变立场，同时采取“更积极”的财政措施来援助经济。然而，他们尚未透露任何细节，预计当选总统唐纳德·特朗普可能会提高关税。近几个月来，中国央行降低了MLF作为主要政策利率的作用，转而选择使用7天反向回购利率来影响市场借贷成本。自9月底降息20个基点以来，7天利率一直稳定在1.5%。
The People’s Bank of China (PBoC) launched a total of CNY 300 billion into financial institutions via a one-year medium-term lending facility (MLF) on December 25th at an unchanged rate of 2.0%. That compared with CNY 1.45 trillion of MLF loans due this month, marking a net cash withdrawal of CNY 1.15 trillion, the most since 2014. It was the third consecutive month of a steady MLF rate following a record 30bps reduction in September. Policymakers in early December vowed a "moderately loose" monetary policy, the first change in stance in 14 years, alongside "more proactive" fiscal measures to aid the economy. However, they have yet to reveal any details, anticipating the potential higher tariffs by President-elect Donald Trump. In recent months, the PBoC has reduced the role of the MLF as the main policy rate, opting instead to use the 7-day reverse repo rate to influence market borrowing costs. The 7-day rate has remained steady at 1.5% since a 20bps cut in late September.
