7月MLF延续净投放，继续展现适度宽松的货币政策取向

Core Viewpoint - The People's Bank of China (PBOC) is continuing its accommodative monetary policy by increasing the Medium-term Lending Facility (MLF) operations, indicating a commitment to maintain liquidity in the financial system amid various market pressures [1][2][4]. Group 1: MLF Operations and Liquidity Management - On July 25, the PBOC announced a 400 billion yuan MLF operation with a one-year term, marking a net injection of 100 billion yuan for July, continuing a trend of increased MLF operations for the fifth consecutive month [1][2]. - The central bank's actions are aimed at stabilizing market expectations and ensuring overall liquidity remains stable, especially during periods of significant financial obligations such as tax payments [2][3]. - The MLF net injection for the months of March to July was recorded at 630 billion, 5000 billion, 3750 billion, 1180 billion, and 1000 billion yuan respectively, reflecting a controlled approach to liquidity management [3]. Group 2: Future Challenges and Policy Outlook - The PBOC has indicated that it will maintain a moderately accommodative monetary policy, especially as the government debt supply is expected to peak in August and September, which may increase pressure on banks [4]. - The average net financing scale during this peak period could reach 1.5 to 1.6 trillion yuan per month, leading to heightened demand for stable funding from banks [4]. - The central bank may utilize various liquidity management tools, including Open Market Operations (OMO), MLF, and reverse repos, and may also consider measures such as government bond purchases and reserve requirement ratio cuts to ensure liquidity stability [4].