The People’s Bank of China (NBK, the country’s central bank) injected 100 billion yuan ($14.7 billion) into the financial system on Monday as part of a medium-term lending facility (MLF) program. The NBK said in a statement that the rate on one-year loans under the MLF was left at 2.85% per annum.

In addition, the Chinese central bank lent 10 billion yuan to banks under seven-day reverse repurchase operations, the rate on these operations was also left unchanged at 2.1%.

MLF is an important credit instrument used by the Chinese Central Bank to provide liquidity to commercial banks and directly affects its loan prime rate (LPR), which became the benchmark in summer 2019.