央行预告：明日，4000亿元

Core Viewpoint - The People's Bank of China (PBOC) is conducting a 400 billion MLF operation to maintain liquidity in the banking system, marking the fifth consecutive month of increased operations [1][2]. Group 1: Monetary Policy Actions - On July 25, PBOC will conduct a 400 billion MLF operation with a one-year term, resulting in a net injection of 1000 billion due to 3000 billion MLF maturing this month [1][2]. - The total net liquidity injection in July reached 3000 billion, which is comparable to the previous month's 3180 billion [2][4]. - The central bank's actions are aimed at stabilizing medium-term liquidity and ensuring smooth funding conditions [2][4]. Group 2: Economic Analysis - Analysts suggest that the ongoing net liquidity injection is driven by two main factors: the rapid issuance of government bonds and an accelerated pace of credit extension, necessitating coordination between monetary and fiscal policies [2][4]. - The PBOC's continued use of quantity-based tools signals a supportive monetary policy, which is intended to stabilize market expectations and create a favorable environment for credit expansion [2][4]. Group 3: Market Outlook - In the short term, the probability of interest rate cuts is low, but the monetary policy will remain proactive under the broader goal of expanding domestic demand and stabilizing growth [3][4]. - The MLF operations are expected to continue with increased volumes, alongside timely injections of medium to long-term funds through reverse repos [4]. - The bond market is experiencing adjustments due to tight funding conditions and shifting market risk preferences, with yields on government bonds rising [5].