呵护意图明显 8月以来央行加码投放中长期流动性

Core Viewpoint - The People's Bank of China (PBOC) is actively implementing various monetary policy tools to maintain liquidity in the banking system, with a focus on medium-term liquidity support through operations like MLF and reverse repos [1][2][3]. Group 1: Monetary Policy Operations - A total of 20,770 billion yuan in reverse repos will mature this week, along with 3,000 billion yuan in Medium-term Lending Facility (MLF) and 9,000 billion yuan in buyout reverse repos [1]. - The PBOC has conducted multiple reverse repo operations and MLF operations in August to ensure ample liquidity in the banking system, indicating a commitment to using various monetary policy tools for liquidity adjustment [1][2]. - The PBOC's recent MLF operation on August 25 involved a net injection of 3,000 billion yuan, marking the sixth consecutive month of increased MLF operations [2]. Group 2: Market Liquidity and Interest Rates - The net injection of medium-term liquidity in August reached 6,000 billion yuan, double that of the previous month and the largest since February 2025, signaling a supportive monetary policy stance despite stable economic performance [3]. - Experts predict that the PBOC will continue to use various monetary policy tools to maintain liquidity, with limited upward pressure on market interest rates [4]. - The PBOC aims to create a conducive monetary environment for economic recovery while enhancing communication and transparency regarding liquidity operations [4].