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The PBoC continues its relatively muted stimulus. Pantheon with the note.
The PBoC Keeps the MLF Rate Steady as Recovery Takes Hold
The PBoC yesterday held the one-year MLF rate steady at 2.75%, amid signs that China’s economic recovery is gradually broadening out from policy-sensitive investment sectors and consumer services to the housing market, at least in larger cities. Housing prices and top 100 developer home sales accelerated in March. Exports also handily beat expectations in March, mainly thanks to a rapid rebound in production and logistics after the tail end of the Covid exit waves and Lunar New Year holiday.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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