今日，央行开展MLF操作

Core Viewpoint - The People's Bank of China (PBOC) is implementing measures to maintain ample liquidity in the banking system, including a 300 billion MLF operation and multiple reverse repos, indicating a moderately accommodative monetary policy to stabilize market expectations and support financing needs [1][2]. Group 1 - The PBOC will conduct a 300 billion MLF operation with a one-year term on June 25, 2025, marking a net injection of 118 billion MLF in June, the fourth consecutive month of increased liquidity [1]. - In June, the PBOC executed two reverse repo operations, injecting a total of 2 trillion yuan, which is the first time such operations were announced twice in one month [1]. - The combination of MLF and reverse repos aims to ensure sufficient liquidity at the end of the half-year period, addressing the impact of government bond issuance on liquidity [1][2]. Group 2 - The recent liquidity conditions are influenced by large-scale government bond issuances and a peak in interbank certificates of deposit maturities, necessitating a stable liquidity environment [2]. - The PBOC's liquidity management tools are well-stocked and diversified, with a clear focus on providing one-year liquidity through MLF, while also utilizing various short- and medium-term tools [2]. - Anticipation of liquidity disturbances in July due to tax payments and government bond issuance suggests that the PBOC will continue to use MLF and reverse repos to meet liquidity demands and signal stability [3].