PBOC injects 500bn yuan through 1 year MLF

I posted earlier on the expected MLF operation today:

The People's Bank of China is expected to give us a clue on its easing intentions today

• 950 billion yuan ($149 billion) in PBOC loans are expiring today. Analysts are expecting around 300 to 500 bn yuan to be rolled over.

At a 500m operation its at the upper end of what was expected, but not beyond. A net positive but not complete;y unexpected.

Note that the recently announced RRR cut takes effect today, releasing 1.2 tn yuan long-term funding.