央行最新调整，事关MLF！

Core Viewpoint - The adjustment of the Medium-term Lending Facility (MLF) to a multi-price bidding system signifies the complete withdrawal of its policy rate attributes, aiming to lower banks' funding costs and enhance financial support for the real economy [1][4][8]. Group 1: MLF Policy Changes - The People's Bank of China (PBOC) announced that starting from March, MLF will adopt a fixed quantity, interest rate bidding, and multi-price bidding method [1]. - The upcoming MLF operation on March 25 will involve 450 billion yuan, marking the first net injection since July 2024, with a net injection of 63 billion yuan after accounting for 387 billion yuan in MLF maturing [3][4]. - The shift to a multi-price bidding system indicates a move towards market-oriented interest rates, as the MLF rate will no longer have a unified bidding rate [5][6]. Group 2: Impact on Financial Institutions - The new MLF structure is expected to reduce funding costs for banks, alleviating net interest margin pressures and enhancing the sustainability of financial support for the real economy [1][8]. - The current one-year interbank certificate of deposit rate is around 1.95% for major state-owned banks, with smaller banks potentially having higher rates, indicating a market-driven approach to MLF bidding [8]. - The PBOC's liquidity management will become more efficient and precise, balancing multiple objectives with a richer toolbox of liquidity instruments [7][8].