BEIJING: China’s central bank unexpectedly added liquidity to the banking system today to help lenders through the tax season, a move that analysts saw as a sign that larger-scale stimulus is unlikely in the near term.It kept the interest rate unchanged at 3.25%, showing restraint in monetary policy after this week’s worse-than-expected economic data.
The authorities have refrained from adding cash via open-market operations for 15 straight days, citing ample liquidity. Earlier this month, the PBOC reduced the cost of 1-year funds to banks for the first time since 2016, seeking to calm markets nervous amid a plunge in government bonds and a slowing economy.
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