央行连续四个月超额续作MLF，多管齐下稳住跨季流动性

Group 1 - The People's Bank of China (PBOC) announced a 300 billion MLF operation to maintain liquidity in the banking system, with a maturity of one year, as part of its strategy to ensure ample liquidity [1] - In June, the PBOC conducted significant reverse repo operations totaling 1.4 trillion yuan, indicating a proactive approach to manage liquidity ahead of maturing financial instruments [1][2] - The liquidity supply-demand imbalance is heightened during mid-year, with a notable increase in maturing certificates of deposit and government bond issuance pressures [2][4] Group 2 - The adjustment of MLF operations to a multi-price bidding system marks a shift in its role from a policy rate tool to a liquidity management tool, allowing for more market-driven pricing [3] - The decline in interbank deposit rates suggests potential for further decreases in MLF rates, influenced by the new bidding mechanism [3] - The PBOC is expected to continue utilizing various liquidity management tools, including reverse repos and MLF, to address liquidity needs and stabilize market expectations [5] Group 3 - The upcoming fiscal pressures in July, including tax payments and government bond issuance, are anticipated to create significant liquidity gaps, necessitating PBOC intervention [4][5] - The Ministry of Finance plans to implement more proactive fiscal policies to support economic stability and growth, with potential additional funding of 500 billion to 1 trillion yuan expected [6][7] - The focus on fiscal policy is expected to complement monetary policy efforts, with an emphasis on supporting consumption and effective investment [6][7]