China's monetary toolbox sowing market volatility
Global investors often left guessing policy intentions behind new instruments used by the central bank
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Hong Kong
TLF, MLF, OMO.
China's monetary policy is looking increasingly like an alphabet soup, sowing volatility in markets. So far this year, the People's Bank of China has boosted rates on three different liquidity facilities, created a new one, and ordered banks to cut lending. Its most high-profile tools - the benchmark borrowing cost and reserve-requirement ratio (RRR) - have been left untouched.
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