China’s central bank, PBoC, announced changes to its medium-term loan sales, using fixed-quantity, interest-rate, and multiple-price bidding to improve liquidity and meet differentiated funding needs. The central bank shifted to the seven-day reverse repo rate as its main policy rate and plans to issue CNY 450 billion of one-year MLF loans. Additionally, the PBoC may cut banks’ reserve requirement ratio and interest rates when necessary.