Core Insights - The People's Bank of China (PBOC) reported liquidity conditions for July 2025, indicating a mixed approach to monetary policy with both net withdrawals and injections across various tools [1] Group 1: Liquidity Tools Overview - In July, the Standing Lending Facility (SLF) experienced a net withdrawal of 300 million yuan [1][2] - The Medium-term Lending Facility (MLF) saw a net injection of 100 billion yuan [1][2] - The Pledged Supplementary Lending (PSL) had a net withdrawal of 230 billion yuan [1][2] - The Short-term Reverse Repo recorded a net injection of 188 billion yuan [1][2] - The Buyout Reverse Repo also had a net injection of 200 billion yuan [1][2] - No open market transactions for government bonds were conducted in July [1] Group 2: Detailed Tool Performance - SLF: 14 billion yuan injected, 17 billion yuan withdrawn, resulting in a net withdrawal of 3 billion yuan [2] - MLF: 40 billion yuan injected, 30 billion yuan withdrawn, resulting in a net injection of 10 billion yuan [2] - PSL: 116.3 billion yuan injected, 346.3 billion yuan withdrawn, resulting in a net withdrawal of 23 billion yuan [2] - Other structural monetary policy tools: 41.76 billion yuan injected, 41.88 billion yuan withdrawn, resulting in a net withdrawal of 1.2 billion yuan [2] - Short-term Reverse Repo: 56.67 billion yuan injected, 54.787 billion yuan withdrawn, resulting in a net injection of 1.88 billion yuan [2] - Buyout Reverse Repo: 14 billion yuan injected, 12 billion yuan withdrawn, resulting in a net injection of 2 billion yuan [2] - Central Treasury Cash Management: 10 billion yuan injected, 12 billion yuan withdrawn, resulting in a net withdrawal of 2 billion yuan [2]
7月央行MLF净投放1000亿元,短期逆回购净投放1880亿元
Sou Hu Cai Jing·2025-08-04 10:54