6000亿，央行今日操作

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]. Group 1: MLF Operation Details - On August 25, 2025, the PBOC will carry out a fixed-quantity, interest-rate bidding, multi-price MLF operation with a term of one year [1]. - This operation is in response to 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 of MLF - The MLF is a monetary policy tool that provides medium-term base currency to commercial banks and policy banks that meet macro-prudential management requirements [4]. - MLF is issued through a pledge mechanism, where financial institutions provide high-quality bonds such as government bonds, central bank bills, and policy financial bonds as collateral [4]. - The MLF interest rate influences the cost of medium-term financing for financial institutions, guiding them to provide low-cost funds to the real economy and helping to reduce social financing costs [4].