China’s 1-year MLF rate unchanged at 2.75%

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The People’s Bank of China leaves the China one-year MLF rate at 2.75% (est 2.75%; prev 2.75%) and the one-year MLF Volume was set at 650B vs. (est 500.0B; prev 850.0B).

USD/CNY is under pressure at a key level of support:

China’s worsening economic slump is expected to keep the People’s Bank of China on its easing path. Last month, the reserve requirement ratio for banks was cut, providing them with more cash to extend loans.

Today , there will be data in Industraial Production and Retail Sales as the most closely watched.

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