Justin had the breaking item yesterday:
Overnight Chinese media expanded:
- China will implement its prudent monetary policy in a targeted and efficient manner, and will ramp up financial support to domestic supply and demand, in a bid to shore up economic recovery in 2023, the country's central bank said Wednesday.
- On top of maintaining sufficient liquidity through a combination of multiple policy tools, the People's Bank of China said it will work to reduce financing costs for market entities and help expand consumption, according to a statement released after a work meeting for the coming year.
There is more at the article. Long story short is the Bank says it'll be playing this part with monetary policy to help support economic recovery.
The regular monthly prime rate setting is coming up on the 20th of January. Ahead of that will be extra injections of liquidity via open market operations (OMO), and perhaps even a medium-term lending facility (MLF) into Chinese New Year holidays (commencing January 21).
