央行开展4000亿元MLF操作 连续5个月加量续做

Group 1 - The People's Bank of China (PBOC) announced a 400 billion MLF operation to maintain liquidity in the banking system, resulting in a net injection of 100 billion after 300 billion MLF maturity in July [1] - In July, the PBOC also conducted a 14 trillion reverse repurchase operation, achieving a net injection of 2 trillion after offsetting 12 trillion maturity, leading to a total net liquidity injection of 3 trillion for the month [1] - The continuous injection of medium-term liquidity reflects the coordination between monetary and fiscal policies, supporting credit expansion to meet financing needs of enterprises and households [2] Group 2 - Despite a low probability of interest rate cuts in the short term, monetary policy is expected to focus on expanding domestic demand and stabilizing growth in the second half of the year [3] - The PBOC is likely to maintain the momentum of MLF operations and reverse repos to ensure stable liquidity levels, supporting government bond issuance and enhancing banks' lending capabilities [3] - There is a possibility of resuming government bond purchases through open market operations to inject long-term liquidity into the banking system, countering external economic fluctuations [3]