February 3, 2017 / 6:50 AM / 6 months ago

China c.bank raises interest rates for SLF loans

1 Min Read

BEIJING, Feb 3 (Reuters) - China's central bank raised the lending rates on its standing lending facility (SLF) short-term loans from Feb. 3, it said on Friday.

The interest rate for overnight loans will be raised to 3.1 percent from 2.75 percent, while the rate for 7-day loans will be increased to 3.35 percent from 3.25 percent, the central bank said, in a confirmation of an earlier Reuters report.

Lending rates for one-month loans will be raised to 3.7 percent from 3.6 percent.

In the same statement, the People's Bank of China also said it lent a total of 87.68 billion yuan ($12.76 billion) via the standing lending facility in January.

Earlier in the day, the PBOC raised the interest rate on open market operation reverse repurchase agreements (repos) by 10 basis points, also effective on Feb. 3.

The moves are a further sign of a tightening policy bias in China as the economy shows signs of steadying. ($1 = 6.8730 Chinese yuan renminbi) (Reporting by Beijing Monitoring Desk; Editing by Kim Coghill)

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