According to China's National Bureau of Statistics, key economic indicators fell short of expectations in July. In an effort to boost confidence, China's central bank, the People's Bank of China, lowered the two key rates on Monday, August 15. It pumped $59 billion into the financial system and cut one-year medium-term lending facility (MLF) loans by 10 basis points, from 2.85 to 2.75%. The bank also lowered short-term liquidity to banks from 2.1% to 2%.