* C.bank injects net 15 bln yuan via MLF in Sept
* PBOC injects net 41.7 bln yuan via SLF in Sept
* No policy easing seen despite targeted RRR cut
BEIJING, Oct 9 (Reuters) - China’s central bank injected a net 56.7 billion yuan ($8.6 billion) into the financial system via short- and medium-term liquidity tools in September, down 54 percent from the previous month.
The People’s Bank of China has kept liquidity relatively ample ahead of a key Communist Party meeting this month, after it injected substantial cash in June to help avoid a crunch as Beijing tightened regulations to force banks to deleverage.
In a statement on Monday, the central bank said it lent 298 billion yuan for one year to financial institutions via its medium-term lending facility (MLF) in September.
Outstanding MLF was 4.354 trillion yuan at the end of September, compared with 4.339 trillion yuan at the end of August, implying a net injection of 15 billion yuan last month.
Meanwhile, the central bank extended 68.85 bln yuan of loans to local financial institutions in September via its standing lending facility (SLF), it said.
The total outstanding amount of SLF loans was 63.68 billion yuan at the end of September compared with 22.02 billion yuan one month earlier, implying a net injection of 41.7 billion yuan.
The central bank uses the MLF and the SLF as tools for managing short- and medium-term liquidity in China’s banking system.
At the end of September, the PBOC said that next year it will cut the reserve requirement ratio (RRR) for some banks that meet its requirements for lending to small business and the agricultural sector.
Most analysts believe the RRR cut will help banks, especially smaller ones, to offset a potential liquidity shock resulted from further financial deleveraging measures, and does not signal a policy easing.
After China posted forecast-beating growth of 6.9 percent in the first half, analysts have said it was only a matter of time before it started to lose steam, especially as the government looks to contain the risks from an explosive build-up in debt, a campaign which is pushing up borrowing costs.
Still, economists expect September data to be released over the next few weeks could show a bounce in activity after a slightly softer August, welcome news for leaders ahead of a twice-a-decade party congress that begins on Oct. 18. ($1 = 6.6210 Chinese yuan) (Reporting by China monitoring team and Kevin Yao; Editing by Richard Borsuk)