央行提前披露4500亿元招标，MLF利率政策属性完全淡出

Core Viewpoint - The People's Bank of China (PBOC) is shifting its approach to the Medium-term Lending Facility (MLF) by implementing fixed-quantity, interest-rate bidding with multiple price levels, marking a significant change in its monetary policy strategy [1][5]. Group 1: MLF Operations - The PBOC will conduct a 450 billion yuan MLF operation with a one-year term starting March 25, 2025, to maintain ample liquidity in the banking system [1]. - In March 2025, 387 billion yuan of MLF will mature, resulting in a net liquidity injection of 630 billion yuan after the operation [4]. - The balance of outstanding MLF will be 41.57 trillion yuan after the operation [4]. Group 2: Policy Changes - Since mid-2024, the PBOC has been gradually reducing the policy rate attributes of MLF, with the focus shifting to the 7-day reverse repurchase rate as the main policy rate [4][5]. - The introduction of a multiple price bidding system for MLF signifies a complete withdrawal of its policy rate characteristics, aligning with the PBOC's broader strategy to streamline its monetary policy tools [5][6]. Group 3: Market Implications - The new MLF operation method is expected to lower funding costs for banks, thereby enhancing financial support for the real economy [6]. - The PBOC's liquidity management is anticipated to become more efficient and precise, with a well-rounded toolbox for both short-term and long-term liquidity needs [6].