3750亿净投放！MLF连续三个月加量续作

Group 1 - The People's Bank of China (PBOC) announced a 500 billion MLF operation on May 23, with a net injection of 3750 billion MLF for May, indicating a continuous increase in liquidity support for the economy [2][3] - The acceleration of government bond supply and the upcoming maturity of 900 billion reverse repos and 125 billion MLF highlight the liquidity management challenges faced by the PBOC [2][3] - Analysts expect that despite a slight reduction in mid-term liquidity due to the recent rate cuts, the overall liquidity will remain in a net injection state, supporting new credit and social financing growth [4] Group 2 - The interbank market liquidity is currently ample, with short-term funding rates generally declining, indicating a trend towards a more relaxed funding environment [3] - The structural adjustment in the demand for PBOC financing tools suggests that the reverse repo operations may decrease in scale to accommodate the banks' needs [3] - The ongoing uncertainties in the external environment and the need for domestic growth stabilization imply that the PBOC will continue to implement supportive monetary policies [4]