6月MLF延续净投放，助力跨季资金面平稳

Group 1 - The central bank announced a 300 billion MLF operation to maintain liquidity, with a net injection of 118 billion due to the maturity of 182 billion MLF in June [1] - June is a traditional month for credit issuance, with significant seasonal increases in bank reserve requirements impacting liquidity [2] - The central bank's proactive measures, including reverse repos and MLF operations, aim to stabilize market expectations and support credit issuance [3] Group 2 - The upcoming tax month in July and increased government bond issuance will create significant liquidity pressure, potentially reaching 1 trillion [4] - The central bank is expected to continue using various liquidity management tools, including reverse repos and MLF, to meet liquidity needs and signal stability [4] - The anticipated peak in government bond supply in August and September will increase pressure on banks, necessitating ongoing support from the central bank [4]