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macroJun 30, 2026, 10:26 PM

PBoC Overnight Liquidity Tool Refines Interest Rate Framework

MUFG's Michael Wan notes that the People's Bank of China's new overnight liquidity tool, implicitly set at 1.25%, marks a step in refining China's interest rate framework.

The People's Bank of China has introduced a new overnight liquidity tool, with an implicit rate of 1.25%, according to MUFG analyst Michael Wan.

Wan views this as a further refinement of China's interest rate framework, signaling the central bank's ongoing efforts to improve its monetary policy tools and liquidity management.

The move is part of a broader trend of the PBoC adjusting its operations to better control short-term rates and guide market expectations.

Source: FXStreet Forex News