MLF净投放“续航” 保障流动性充裕

Group 1 - The People's Bank of China (PBOC) will conduct a 400 billion MLF operation on July 25, 2025, to maintain ample liquidity in the banking system, marking the fifth consecutive month of increased MLF operations [1] - In July, the total net liquidity injection reached 300 billion, combining a 200 billion reverse repo and a 1000 billion net MLF injection, indicating a sustained net injection of liquidity [2] - The current liquidity situation is characterized as structurally imbalanced, with the PBOC's actions aimed at optimizing the liquidity structure and supporting the real economy [2] Group 2 - Experts anticipate that MLF operations will continue to exceed expectations in the coming phase, with the PBOC likely to employ various monetary policy tools to ensure liquidity remains abundant [3] - The overall trend for MLF in the second half of the year is expected to maintain an increasing momentum, which will enhance banks' lending capabilities and support the real economy [3] - There is a possibility of further reserve requirement ratio (RRR) cuts in the third and fourth quarters, as the PBOC assesses the effectiveness of previous policies [3]