China's central bank drained cash for the second month and withdrew 70 billion yuan ($9.7 billion) via its MLF, indicating caution towards monetary easing amid currency depreciation pressures.

China's central bank, the People's Bank of China (PBOC), has drained cash from the banking system for the second consecutive month, withdrawing 70 billion yuan ($9.7 billion) via its medium-term lending facility (MLF). This move signals China's caution towards monetary easing amid currency depreciation pressures. The PBOC is prioritizing currency stabilization, despite calls for more stimulus and China's annual growth target of around 5%.

April 14, 2024
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