China’s Central Bank to Inject 80B Yuan via 1-Year MLF on Sept 24

The signal here is less the size of the injection than the choice of the one-year MLF as the conduit: it keeps medium-term funding costs anchored rather than merely smoothing a short-term cash squeeze. That matters most for banks and for the liquidity backdrop against which yuan-denominated risk assets, including onshore crypto-adjacent exposure, are priced. Whether the operation is rolled at a lower rate, and whether it is offset by maturities, is the open question.