The People's Bank of China (PBOC) conducted a 300 billion yuan medium-term lending facility (MLF) operation on Monday, while 401 billion yuan was due, effectively draining 101 billion yuan from the market. The MLF, which will mature in one year, was executed at an interest rate of 2.3%. This move by China's central bank to roll over maturing loans and inject cash through its liquidity instruments underscores market expectations for further monetary easing.