Coming up today is 600 billion yuan (approximately $89 bn) of maturing one-year medium-term lending facility (MLF) loans in China.

I posted over the weekend on evaporating demand for loans in China due to ongoing fresh COVID flare-ups & associated restrictions and lockdowns, job security worries, and the deepening property crisis making borrowers wary of more debt.

The 600bn maturing MLF today is only expected to be partially rolled over (some analysts expect a full roll but these are very much in the minority).

The PBOC announcement should come around the time of the daily CNY reference setting, circa 0115 GMT.

PBOC Governor Yi Gang:08 May 2022

PBOC Governor Yi Gang