6000亿！央行，明日操作！

Core Viewpoint - The People's Bank of China (PBOC) will conduct a 600 billion yuan Medium-term Lending Facility (MLF) operation to maintain ample liquidity in the banking system [1][4]. Group 1: MLF Operation Details - The MLF operation will be conducted on August 25, 2025, with a fixed amount and interest rate bidding, and a one-year term [1]. - This operation follows the maturity of 300 billion yuan in MLF this month, resulting in a net injection of 300 billion yuan in August, marking the sixth consecutive month of increased MLF operations [4]. Group 2: Purpose and Mechanism - MLF serves as a monetary policy tool providing medium-term base currency to eligible commercial and policy banks, conducted through a bidding process [4]. - The MLF is issued against collateral, where financial institutions provide high-quality bonds such as government bonds, central bank bills, and policy financial bonds as eligible collateral [4]. - The interest rate of MLF influences the cost of medium-term financing for financial institutions, guiding them to provide low-cost funds to the real economy and reducing social financing costs [4].