In line with economists’ expectations, the People’s Bank of China kept its monetary policy easing steps.

The Bank did not change the medium-term loan facility (MLF) interest rate and rolled over some of the 600 billion yuan maturing loan.

Today, the People’s Bank of China extended 400 billion yuan loans to financial institutions within the framework of the medium-term loan facility and kept the interest rate at 2.75 percent.

The Chinese MB has withdrawn 200 billion yuan net from the banking system.

“Today’s operation will keep the banking system liquidity reasonably abundant,” the Bank said in a statement.

ANZ’s China strategist Xing Zhaopeng said that the Chinese CBT seems to have paused its monetary policy easing this month, but they expect the Bank to make a small cut in reserve requirements to offset the effects of October’s tax payments.