中金：较为克制的放量降价 ——MLF重启净投放点评

Group 1 - The core viewpoint of the article is that the People's Bank of China (PBOC) has restarted net MLF (Medium-term Lending Facility) operations, signaling a marginal easing of monetary policy while indicating a lower probability of short-term reserve requirement ratio (RRR) cuts [1][3][4] - The MLF net injection of 630 billion yuan is the first since July 2024, reflecting a signal of "moderate easing" amidst tightening liquidity conditions [3][4] - The adjustment of MLF operations to a multiple-price bidding system is expected to lower funding costs for banks, alleviating net interest margin pressures [12][14] Group 2 - The transition to a multiple-price bidding system for MLF indicates a complete exit of its policy rate attributes, aligning with the PBOC's broader monetary policy framework reforms [14][15] - The PBOC's monetary policy framework has evolved through three key reforms: simplifying targets, strengthening the 7-day reverse repo rate, and reducing the emphasis on MLF [17][20] - The PBOC aims to maintain a steep yield curve to prevent financial risks, with the recent liquidity easing leading to a stable decline in long-term yields [28][29]