On Friday, China's central bank, the People’s Bank of China (PBOC), left the one-year Medium-term Lending Facility (MLF) rate unchanged at 2.50%.

The PBOC kept the seven-day reverse repo rate steady at 1.80% while the 14-day reverse repo rate was lowered to 1.95% vs. 2.15% previous.

Also read: China cuts banks' reserve ratio for second time in 2023 amid faltering recovery

Market reaction

USD/CNY is trading better bid near 7.2810 on the above announcement.