热点关注 | 2025年6月MLF操作简评

Core Insights - The central bank announced a 300 billion MLF operation scheduled for June 25, 2025, to maintain ample liquidity in the banking system [1][2] - In June, 182 billion MLF is set to mature, resulting in a net injection of 118 billion MLF, marking the fourth consecutive month of increased operations [2] - The total net liquidity injection for June has reached 318 billion, considering the 200 billion reverse repos conducted by the central bank [2] Summary by Sections Monetary Policy Actions - The central bank's decision to conduct a 300 billion MLF operation is aimed at ensuring sufficient liquidity in the banking system [1][2] - The ongoing net liquidity injection is attributed to the large-scale issuance of government bonds and the peak maturity of interbank certificates of deposit [2][3] Economic Implications - The monetary policy is expected to further support domestic demand and stabilize growth in the second half of the year, with a focus on coordination with fiscal policy [3] - MLF is anticipated to continue its increased operations, alongside reverse repos, to maintain a net liquidity injection, ensuring a stable funding environment [3]