PBOC Liquidity and Lending
Since May 2025, the People's Bank of China has published a consolidated table showing the monthly net injection or withdrawal for each policy instrument—data that previously had to be aggregated manually from hundreds of individual announcements.
| Indicator | 08-2026 | 07-2026 | 06-2026 | 05-2026 | 04-2026 | 03-2026 | 02-2026 | 01-2026 | 12-2025 | 11-2025 | 10-2025 | 09-2025 | 08-2025 | 07-2025 | 06-2025 | 05-2025 | 04-2025 | 03-2025 | 08-2024 | 07-2024 | 06-2024 | 05-2024 | 04-2024 | 03-2024 | 02-2024 | 01-2024 | 12-2023 | 11-2023 | 10-2023 | 09-2023 | 08-2023 | 07-2023 | 06-2023 | 05-2023 | 04-2023 | 03-2023 | 02-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total net injection | 687.8 | 905.4 | -380.9 | -595.6 | -816.7 | 821.9 | 1,238.4 | 802.8 | 313.9 | -30.5 | 926.8 | 386.5 | 236.5 | 656 | 1,119.6 | |||||||||||||||||||||||
| 7-day reverse repo | -249.5 | 582.6 | 489.8 | -331.6 | -890.3 | -120.5 | 167.8 | 81.9 | -556.2 | -595.3 | 390.2 | -53.4 | 188 | 535.9 | -15.2 | |||||||||||||||||||||||
| Other maturity reverse repo (outright) | 700 | 300 | -1,000 | -400 | -300 | 600 | 100 | 400 | 500 | 400 | 300 | 300 | 200 | 200 | -200 | |||||||||||||||||||||||
| MLF — Medium-term Lending Facility | 100 | 200 | 100 | -200 | 50 | 300 | 700 | 100 | 100 | 200 | 300 | 300 | 100 | 118 | 375 | |||||||||||||||||||||||
| SLF — Standing Lending Facility | -1 | 0 | 0.9 | -0.7 | 0.8 | 0 | -7.9 | 7.1 | -0.3 | -2.4 | 1.9 | 0.2 | -0.3 | 0.3 | 0.5 | |||||||||||||||||||||||
| PSL — Pledged Supplemental Lending | -116.1 | -50 | -154.5 | -200 | 0 | 0 | 174.4 | -5.6 | 25.4 | -5.5 | -88.3 | -160.8 | -230 | -300 | -270 | |||||||||||||||||||||||
| Other structural tools | 174.4 | -137.2 | 112.9 | 366.7 | 172.8 | -7.6 | 64.1 | 159.4 | 115 | -17.3 | -7 | 100.5 | -1.2 | 201.8 | -10.7 | |||||||||||||||||||||||
| Government bonds trading | 50 | 10 | 50 | 40 | 50 | 50 | 100 | 50 | 50 | 20 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
| Central treasury deposits | 30 | 0 | 20 | 130 | 100 | 0 | -60 | 10 | 80 | -30 | 30 | -100 | -20 | -100 | 240 | |||||||||||||||||||||||
| MLF volume issued in the period | 500 | 500 | 500 | 600 | 400 | 500 | 600 | 900 | 400 | 1,000 | 900 | 600 | 600 | 400 | 300 | 500 | 600 | 450 | 300 | 300 | 182 | 125 | 100 | 387 | 500 | 995 | 1,450 | 1,450 | 789 | 591 | 401 | 103 | 237 | 125 | 170 | 481 | 499 |
Latest reading
Total net injection stood at 687.8 CNY billion in Jul 2026. That is −217.6 CNY billion from Jun 2026 and +451.3 CNY billion from a year earlier. The series on this page is monthly and runs from May 2025 to Jul 2026. Source: People's Bank of China (PBOC).
- Latest
- 687.8 CNY billion
- Jul 2026
- vs previous period
- −217.6 CNY billion
- Jun 2026
- vs a year earlier
- +451.3 CNY billion
About this data
Since May 2025, the People's Bank of China has published a consolidated table showing the monthly net injection or withdrawal for each policy instrument—data that previously had to be aggregated manually from hundreds of individual announcements. Positive figures represent net injections, while negative figures represent net withdrawals. The 'Reserve requirement ratio' row only contains figures in months when an adjustment decision was actually made; other months are marked with a dash, indicating zero. The total row is calculated by titfin from nine instruments and is not provided directly by the source. The final four rows show the outstanding balances and transaction volumes for two lending windows: the Medium-term Lending Facility (MLF, 1-year maturity), which has served as the primary base funding channel for the banking system since 2014 and whose rate was once the central policy interest rate, and the Standing Lending Facility (SLF), an overnight-to-1-month lending window available upon individual institutional request, which is thousands of times smaller in scale and acts as the ceiling of the interest rate corridor. The two outstanding BALANCE series end in May 2025, precisely when the consolidated flow table begins—do not derive new balances by accumulating flows onto the legacy balances.
