6月央行净投放超过6500亿元

Core Viewpoint - The People's Bank of China (PBOC) continues to implement a moderately accommodative monetary policy in June, providing a suitable liquidity environment to support economic recovery [1] Group 1: Liquidity Tools and Net Injection - In June, the PBOC achieved a net injection of 656 billion yuan through various liquidity tools, with short-term reverse repos contributing 535.9 billion yuan [1] - The MLF (Medium-term Lending Facility) saw a net injection of 118 billion yuan in June, with a total of 2.35 trillion yuan injected in the first half of 2025, all with a one-year term [2] - The PBOC's use of liquidity tools reflects a focus on supporting key sectors such as consumption, manufacturing, foreign trade, private enterprises, and real estate [1] Group 2: MLF and Reverse Repo Operations - The MLF has transitioned from a supplementary liquidity tool to a primary monetary policy tool, with its role evolving over the past decade [2] - The PBOC's short-term reverse repo operations are aimed at maintaining short-end liquidity, with the DR007 rate being a critical indicator of liquidity tightening [3] - The PBOC's buyout reverse repo operations have increased, with a net injection of 200 billion yuan in June, helping to lower funding costs for financial institutions [4] Group 3: Buyout Reverse Repo Implementation - Since the introduction of buyout reverse repos in October 2024, the balance has gradually increased, alleviating pressure on MLF for medium-term liquidity [5] - The regular operation of buyout reverse repos enhances liquidity management and fills the gap between the 7-day reverse repo and the 1-year MLF [5]