The People's Bank of China, the central bank, on Wednesday announced that it will carry out a 800-billion-yuan (about 119.4 billion U.S. dollars) one-year medium-term lending facility (MLF) operation on Thursday, aiming to maintain ample liquidity in the country's banking system.
The central bank said this MLF operation will be conducted by a fixed-quantity, interest-rate-bidding and a multiple-price-bidding method.
The MLF is a monetary policy tool that the central bank uses to regulate bank liquidity and guide market interest rates. Introduced in 2014, it helps commercial and policy banks maintain liquidity by allowing them to borrow from the central bank using securities as collateral.
China conducts 800-bln-yuan MLF operation to sustain banking liquidity
European diesel car owners are collectively shelling out an extra 203 million euros per day as global diesel prices surge, according to a report released on September released on Wednesday by pan-European campaign group Transport and Environment (T&E).
European diesel prices have risen by more than 40 percent since the start of the year, the report said. Diesel truck operators are now paying an average of 236 euros more per week for fuel, while diesel car owners across Europe are collectively shouldering an additional 203 million euros in costs every day.
Diesel prices have been climbing steadily across many European countries in recent weeks. In France and Germany, diesel prices recently broke through the 2.40 euro-per-liter mark, both hitting record highs.
The report attributed the spike in international diesel prices to geopolitical conflicts and disruptions to refined fuel supplies. With nearly 40 percent of all passenger cars in Europe running on diesel, the continent has become the region hardest hit by high diesel prices worldwide.
Over the long term, the report said, the way for Europe to mitigate the impact of high oil prices is to shift its cars from diesel to electric.
T&E noted that as long as Europe's road transport relies on internal combustion engines, the continent will remain dependent on a commodity whose prices are highly volatile and difficult to control. "In the longer-term, electrification would significantly reduce diesel demand."
Surging diesel prices cost Europeans extra 200 million euros daily: report
