People's Bank of China injecting 47.6bn yuan through PSL
Headline via Reuters
This is a targeted injection of funding into the market from the Bank. The PBOC is making much more use of targeted injections this year so far.
Earlier we got OMO activity from the bank, injecting 110bn yuan through reverse repos, but given rolling off maturities there was a net drain at this level today.
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Pledged Supplementary Lending (PSL) is used to fund China's three policy banks (tasked with financing government projects) for investment.
"Policy banks":
- Agriculture Development Bank of China,
- China Development Bank Corp.
- and the Export-Import Bank of China
