央行连续五月加量续做MLF 呵护银行体系流动性保持充裕

Group 1 - The People's Bank of China (PBOC) conducted a 400 billion yuan Medium-term Lending Facility (MLF) operation to maintain ample liquidity in the banking system, marking the fifth consecutive month of increased net MLF issuance [1] - In July, the PBOC's net MLF injection amounted to 1 trillion yuan, offsetting 300 billion yuan of MLF maturing, while the total net liquidity injection for the month was 300 billion yuan, consistent with June's scale [1] - Analysts suggest that the ongoing net liquidity injection is primarily due to the peak issuance of government bonds and the regulatory push for financial institutions to increase credit supply, indicating a coordinated monetary and fiscal policy approach [1] Group 2 - Looking ahead, experts anticipate that while the probability of interest rate cuts is low in the short term, monetary policy is expected to further support domestic demand and stabilize growth, with MLF likely to continue its upward trend in the second half of the year [2] - A total of 25 trillion yuan in MLF is set to mature in the remainder of the year, with specific maturities of 300 billion yuan in August, 300 billion yuan in September, 700 billion yuan in October, 900 billion yuan in November, and 300 billion yuan in December [2] - On the same day, the PBOC conducted a 7-day reverse repo operation of 789.3 billion yuan at a fixed rate of 1.40%, resulting in a net injection of 601.8 billion yuan after accounting for maturing reverse repos [2]