# China changing how it eases | snaps | ING THINK

> The People's Bank of China injected liquidity through its medium-term lending facility (CNY200 billion) and targeted MLF (CNY297.7 billion) while leaving the required reserve ratio unchanged. The operations were a net absorption of CNY164.3 billion, yet the three-month interbank rate fell from 3.4% to 3.1%.

- Date: 2019-07-23 · published 2019-07-23T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/58327-china-changing-how-it-eases-snaps-ing-think
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

Cheaper, longer-duration liquidity signals the start of Chinese monetary easing, which supports domestic demand for feed and livestock but has little direct price effect on grain or feed ingredients.

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2018-02-01 | [Happy Chinese Yuan \| snaps \| ING THINK](https://feedsoft.ai/events/66715-happy-chinese-yuan-snaps-ing-think.md) | -0.3% | +1.2% |
| USDCNY | 2019-03-25 | [China: How opening up the financial sector could affect the yuan \| articles \| ING THINK](https://feedsoft.ai/events/60331-china-how-opening-up-the-financial-sector-could-affect-the-yuan-articles-ing.md) | -0.1% | -0.2% |
| USDCNY | 2019-06-03 | [China: Revising yuan lower but 7.0 should hold \| articles \| ING THINK](https://feedsoft.ai/events/58821-china-revising-yuan-lower-but-7-0-should-hold-articles-ing-think.md) | +0.0% | -0.5% |
| USDCNY | 2019-07-08 | [China gets net capital inflows \| articles \| ING THINK](https://feedsoft.ai/events/58329-china-gets-net-capital-inflows-articles-ing-think.md) | -0.2% | +0.7% |
| USDCNY | 2024-11-14 | [Asia FX Talking: China will try to hold the line \| articles \| ING THINK](https://feedsoft.ai/events/6697-asia-fx-talking-china-will-try-to-hold-the-line-articles-ing-think.md) | +0.3% | +0.6% |

## Sources

- think.ing.com: https://think.ing.com/snaps/china-changing-how-it-eases/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.