Group 1 - The People's Bank of China (PBOC) announced a 500 billion yuan MLF operation on May 23, with a net injection of 3750 billion yuan after accounting for 1250 billion yuan maturing this month [1] - This marks the third consecutive month of increased MLF operations, with net injections of 630 billion yuan in March and 5000 billion yuan in April [1] - The significant net injection in May is part of a broader strategy to support the real economy amid increased external volatility and includes measures such as interest rate cuts and reserve requirement ratio reductions [1] Group 2 - The PBOC is accelerating interest rate marketization reforms, having adjusted the MLF bidding model to fixed quantity, interest rate bidding, and multiple price bids, moving away from a unified bidding rate [2] - The recent changes in the MLF bidding mechanism allow institutions to better prepare for liquidity arrangements and enhance their market-based pricing capabilities [2] - As the channels for basic currency injection diversify, the reliance on MLF for monetary policy operations is gradually decreasing [2]
央行今日开展5000亿元MLF操作 保持流动性充裕
Zheng Quan Ri Bao·2025-05-22 15:42