央行将续作4000亿元MLF 专家：短期内降准降息概率不大

Core Viewpoint - The central bank will continue to implement a 400 billion MLF operation, indicating a supportive monetary policy environment despite low probabilities for rate cuts or reserve requirement ratio reductions in the short term [1] Group 1: Monetary Policy Actions - The central bank announced a 400 billion yuan MLF operation on July 25, with a one-year term, marking the fifth consecutive month of increased operations [1] - This operation results in a net injection of 1000 billion yuan, as the MLF maturity for the month is 3000 billion yuan [1] Group 2: Economic Analysis - According to Wang Qing, chief macro analyst at Dongfang Jincheng, the sustained net liquidity injection is driven by two main factors: the rapid issuance of government bonds and accelerated credit investment, necessitating coordination between monetary and fiscal policies [1] - The central bank's continued use of quantity-based tools signals a supportive monetary policy stance, aiming to stabilize market expectations and create a favorable environment for credit expansion [1] Group 3: Future Outlook - Wang Qing anticipates that the probability of rate cuts or reserve requirement ratio reductions in the short term is low, but monetary policy will remain proactive under the overarching goal of expanding domestic demand and stabilizing growth [1]