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CHINA FINANCIAL SYSTEM DATABASE

Monetary Policy & Money Markets

How the PBoC steers liquidity, funding rates and credit transmission.

IDREFERENCE PROFILEROLE IN SYSTEM
017-Day Reverse Repo Rate

A core PBoC open-market rate used to influence short-term funding conditions and the interbank liquidity environment.

02Loan Prime Rate (LPR)

A bank lending reference rate quoted by designated banks and linked to the transmission of monetary policy into loan pricing.

03Medium-term Lending Facility (MLF)

A PBoC liquidity facility that provides medium-term funding to eligible financial institutions and has played an important role in China’s policy transmission framework.

04Reserve Requirement Ratio (RRR)

The share of eligible deposits banks must hold as required reserves, making changes in the ratio an important structural liquidity tool.

05Standing Lending Facility (SLF)

A PBoC facility designed to provide liquidity support to eligible financial institutions and help form the upper side of the interest-rate corridor.

06Pledged Supplementary Lending (PSL)

A targeted central-bank funding facility historically associated with policy-bank financing and selected policy objectives.

07DR007: China’s 7-Day Depository-Institution Repo Rate

A widely watched seven-day pledged repo rate for transactions involving depository institutions, often used to read interbank funding conditions.

08DR001: China’s Overnight Depository-Institution Repo Rate

An overnight repo reference that captures very short-term funding conditions among depository institutions.

09R007: China’s 7-Day Interbank Repo Rate

A seven-day repo-market rate with a broader participant set than DR007, useful for understanding funding conditions beyond depository institutions.

10SHIBOR: Shanghai Interbank Offered Rate

A family of unsecured interbank offered rates published across maturities and used as a reference within China’s money markets.

11PBoC Open Market Operations

The operational framework through which the PBoC injects or withdraws liquidity using instruments including reverse repos and other transactions.

12China’s Interest-Rate Corridor

The set of policy and market rates that helps anchor short-term money-market pricing around the PBoC’s desired operating conditions.

13PBoC Relending Facilities

Central-bank funding programmes that channel liquidity toward designated sectors or policy objectives through financial institutions.

14PBoC Rediscount Policy

A central-bank instrument connected to eligible bills and targeted liquidity provision within China’s credit system.

15How Monetary Policy Transmits in China

A reference map linking PBoC operating tools, interbank rates, bank funding, loan pricing, bond yields, credit creation and the exchange rate.