Facing a potentially calamitous liquidity shortage, China buckled and despite hawkish commentary from its central bankers, moments ago the PBOC announced that it would offer a whopping 800 billion in MLF, which was not only vastly greater than the CNY 200BN whisper number, but was 200 billion more than the currently maturing MLF amount of 600 billion, indicating that what PBOC Deputy Governor Liu Guoqiang said recently when he warned that exiting easing measures was “a matter of time” and “necessary,” was just a jawboning placeholder, and with China finding itself in a funding scramble, the PBOC not only delivered … (full story)
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