People's Bank of China to conduct a targeted medium term lending facility operation

  • Amount is 56.1bn yuan
  • for 1 year
  • rate is 2.95% (prior rate was 3.15% although last week's broad MLF was at 2.95%)

Although the PBOC has added in this 56bn yuan there are 267bn yuan of maturing MLFs today, so net-net its a drain from the system.