4000亿！央行，明日操作

Core Viewpoint - The People's Bank of China (PBOC) is continuing its trend of increasing medium-term lending facility (MLF) operations to maintain liquidity in the banking system, with a net injection of 1000 billion yuan in July, marking the fifth consecutive month of increased MLF operations [1][4]. Group 1: MLF Operations - On July 25, the PBOC will conduct a 4000 billion yuan MLF operation with a one-year term, following the maturity of 3000 billion yuan MLF this month, resulting in a net injection of 1000 billion yuan [1]. - The MLF operations have shifted to a fixed quantity, interest rate bidding, and multiple price bidding approach since March, indicating a reduced reliance on MLF as a monetary policy tool and a focus on liquidity provision [4]. - The MLF is expected to become a primary channel for medium-term liquidity provision, helping alleviate pressure on banks' net interest margins [4]. Group 2: Monetary Policy Stance - The PBOC is committed to maintaining an appropriately accommodative monetary policy, ensuring ample liquidity in the banking system [5]. - The central bank has successfully implemented a net injection of 2000 billion yuan through reverse repos this month, contributing to a total net liquidity injection of 3000 billion yuan in July [4]. - The PBOC's liquidity toolkit is becoming more robust and well-distributed in terms of maturity, with various tools available for different time frames, including long-term reserve requirement ratio cuts and government bond transactions [4].