news flash·2025-04-25 01:20Core Viewpoint - The report from China Merchants Securities indicates that the central bank's net injection of 500 billion yuan in Medium-term Lending Facility (MLF) reflects a signal to replenish mid-term liquidity for banks, suggesting a continued need for accommodative monetary policy to stabilize the economy [1] Group 1 - The central bank's net injection of 500 billion yuan in MLF is aimed at supplementing mid-term liquidity for banks [1] - The current lending scale of banks in the interbank market remains below the levels seen in the second half of last year, indicating a need for additional mid-term funding [1] - Given the increasing uncertainty in the external environment, it is essential for the central bank to maintain a moderately accommodative monetary policy [1] Group 2 - There is a possibility of further reserve requirement ratio (RRR) cuts by the central bank to provide long-term funding for banks [1] - The expectation is that the environment of moderately accommodative liquidity will continue [1]