China's central bank partially rolled over maturing medium-term policy loans and kept the interest rate unchanged for a third straight month on Tuesday, suggesting policymakers remain wary of stoking further yuan weakness by easing monetary conditions.
A global wave of interest rate increases have limited Beijing's ability to support a wobbly economy, with a falling yuan currency raising the risks of large-scale capital outflows as investors seek higher yield premiums elsewhere - particularly those offered by U.S. bonds.underlined mounting pressure on the world's second-biggest economy as a fresh wave of COVID outbreaks led to a further loss of momentum.
"Keeping policy rates stable will help curb widening interest rate differentials between China and the United States and stabilise FX market expectations." The central bank said the latest operation was aimed at counteracting higher cash demand due to tax payments and keeping "banking system liquidity reasonably ample".
Separately, the central bank also injected 172 billion yuan through seven-day reverse repos while keeping borrowing costs unchanged at 2.00%, compared with 2 billion yuan worth of such loans expiring on the same day.
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