The People's Bank of China (PBOC), China's central bank, on Wednesday conducted a 300-billion-yuan one-year (about 41.1 billion U.S. dollars) medium-term lending facility (MLF) operation.
The MLF operation features an interest rate of two percent, unchanged from the previous operation conducted last month, according to a statement on the PBOC's website. After the latest operation, the outstanding MLF balance stood at 5,089 billion yuan.
Some 1.45 trillion yuan of MLF funds matured on 16th this month.
This operation demonstrates abundant liquidity in the market and sufficient funds available.
Since the beginning of this year, the central bank has introduced additional liquidity tools, including treasury bond borrowing operations and outright reverse repos in the open market, ensuring ample liquidity.
These new tools have allowed the PBOC to replace expired MLFs, reducing capital costs and alleviating pressure on banks' net interest margins.
The MLF operation is more market-driven within the framework of the new monetary policy. From the second half of this year, the PBOC has conducted MLF operations through market-based interest rate bidding, using interbank negotiable certificates of deposit from bidding agencies as a reference. As a result, the MLF winning interest rate no longer has policy implications.
China conducts 300-billion-yuan MLF operation
Azerbaijan Airlines held a press briefing at Baku Airport Wednesday on its passenger plane crash that took place in Aktau, Kazakhstan earlier that day.
The Embraer 190 aircraft with flight number J2-8243 from Baku to Grozny crashed near Aktau Airport, Kazakhstan's Ministry of Emergency Situations (MES) said.
Of all the 67 people on board, 38 were killed in the crash, the ministry updated on Wednesday.
"A medical team and necessary medical equipment have been sent to Kazakhstan by air. A hotline has been established for the family members of the passengers on board, and the public has been informed about it. Psychological support will be provided to the family members of all passengers, regardless of nationality, as well as to the injured passengers," said Farid Huseynov, Head of Press Service of Azerbaijan Airlines at the press briefing.
"Currently, the investigation process is ongoing in cooperation with the Prosecutor's Office of Kazakhstan. All versions are being explored in the criminal case. At this moment, we cannot provide any conclusions regarding the investigation. Expert examinations are being conducted, and an investigation group, led by the Deputy Prosecutor General of the Republic of Azerbaijan, is already at work," said Kenan Zeynalov, Senior Prosecutor of Press Service at the Prosecutor General's Office.
Zeynalov also announced that a criminal case has been initiated by the Prosecutor General's Office of Azerbaijan under the relevant articles of the Criminal Code regarding the facts of the crash.
According to Azerbaijan Airlines, among all the 67 people on board, 62 were passengers and five were crew members.
Kazakh media reports showed that the passengers on board included 37 citizens from Azerbaijan, 16 from Russia, six from Kazakhstan, and three from Kyrgyzstan.
Azerbaijan Airlines hold press briefing on plane crash
