5000亿利好！央行连续第三个月加量续作

Group 1 - The People's Bank of China (PBOC) announced a 500 billion yuan Medium-term Lending Facility (MLF) operation, resulting in a net injection of 375 billion yuan after offsetting 125 billion yuan of maturing loans [1] - This marks the third consecutive month of increased MLF operations, with net injections of 200 billion yuan in March, 500 billion yuan in April, and 375 billion yuan in May, indicating a consistent monetary policy aimed at supporting the real economy [1][2] - The continuous MLF operations, alongside recent reserve requirement ratio (RRR) cuts, reflect a "combination punch" approach by the PBOC to enhance liquidity in the market and support economic stability [1][2] Group 2 - The acceleration of government bond supply and the upcoming maturity of 9 trillion yuan in reverse repos and 1.25 trillion yuan in MLF highlight the need for ongoing liquidity support from the PBOC [2] - The PBOC's strategy includes a structural optimization of liquidity tools, as evidenced by the reduction of reverse repos alongside increased MLF, which aims to stabilize short-term funding while meeting banks' medium-term liquidity needs [2][3] - The large net injection of liquidity in May is expected to support credit expansion and social financing growth, leading to a potential "wide credit" phase as policy effects become more apparent [3]