China’s ‘Surprise’ Friday Liquidity Injection Draws Yawns As Bazooka Seen Holstered

A little over a week after cutting the MLF rate for the first time since 2016, and a little less than a week before the release of the November loan prime rate, China injected a surprise 200 billion yuan in one-year liquidity. The rate was unchanged at 3.25%. The move was a surprise, in that it wasn't aimed at rolling maturing loans, but rather appears to be a "pure" liquidity injection, and it came on the same day that the second of two targeted RRR cuts went into effect (recall that the acros