March 16, 2020 / 1:27 AM / 16 days ago

China central bank to conduct unexpected MLF operations on Monday - traders

SHANGHAI, March 16 (Reuters) - China’s central bank will conduct medium-term lending facility (MLF) operations on Monday, traders said.

There is no MLF loan due to expire on the day.

Markets will closely watch the size of the loan injection and any change in the interest rate for the People’s Bank of China’s (PBOC) monetary policy stance, after its U.S. counterpart made another emergency rate cut of 100 basis points on Sunday to counter economic fallout form the coronavirus pandemic.

The MLF now acts as a guide for the PBOC’s new lending benchmark Loan Prime Rate (LPR), which is set on the 20th of eachmonth.

The one-year MLF rate now stands at 3.15%. (Reporting by the Shanghai Newsroom; Editing by Kim Coghill)

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