华夏时报记者刘佳北京报道 货币政策工具向新框架继续演进。 MLF采用多重价位中标，资金成本将总体下行 3月24日下午央行发布公告，宣布将于3月25日开展4500亿元中期借贷便利操作，期限为1年期。并从本月起 MLF将采用固定数量、利率招标、多重价位中标方式开展操作。 因本月共有3870亿元MLF到期，今日操作落地后将实现630亿元的中长期流动性净投放。操作落地后，MLF 余额将为41570亿元。 需要注意的是，这是自MLF投入使用以来首次在操作的前一日提前公告招标信息，同时也是2024年7月后央 行首次恢复MLF净投放，而且不再有统一的中标利率。 在多位受访人士看来，此举意味着央行进一步淡化MLF中标利率的政策利率色彩，凸显其单纯的中期流动性 管理性质。且进一步突出央行7天期逆回购利率的主要政策利率地位，疏通由短及长的利率传导机制。 MLF政策属性完全退出 早在2024年6月19日，央行行长潘功胜在陆家嘴论坛上首次提出，央行将明确以短期操作利率作为主要政策利 率，其他期限货币政策工具的利率可淡化政策利率的色彩，逐步理顺由短及长的传导关系。 后在7月22日，央行将7天期逆回购操作调整为固定利率、数量招标的方式， ...

Core Viewpoint - The People's Bank of China (PBOC) has adopted a new MLF (Medium-term Lending Facility) operation model starting March, which includes fixed quantity, interest rate bidding, and multiple price bidding, resulting in a net liquidity injection of 630 billion yuan, marking the first excess renewal since July 2024 [1][2][3]. Group 1: MLF Operation Changes - Starting March 2025, the PBOC will implement a fixed quantity, interest rate bidding, and multiple price bidding approach for MLF to ensure ample liquidity in the banking system and meet diverse funding needs of different institutions [2]. - The upcoming MLF operation on March 25, 2025, will involve 4500 billion yuan for a one-year term, with 3870 billion yuan maturing, leading to a net liquidity injection of 630 billion yuan [2]. - This marks the first time since July 2024 that the PBOC has restored net MLF injections, indicating a shift from a net withdrawal of funds to a more accommodative monetary policy stance [3]. Group 2: Market Expectations and Policy Signals - The Q1 monetary policy meeting emphasized the need to observe and assess the bond market's operation, reflecting the PBOC's focus on long-term yield changes and its willingness to stabilize liquidity expectations [4]. - The recent MLF operation and the return to net injections signal a commitment to easing monetary policy, which may improve the likelihood of a decline in long-term bond yields [8]. - The PBOC's approach to MLF, including the multiple price bidding, suggests potential room for interest rate cuts, which could help reduce the funding costs for commercial banks [5][8]. Group 3: Future Outlook - The MLF is expected to regain its status as a conventional liquidity tool, while the buyout reverse repos may continue to serve as the primary channel for medium to long-term liquidity supply [6]. - Although the current MLF operation has resulted in a net injection, the PBOC may gradually continue to withdraw MLF in the future, indicating a balanced approach to liquidity management [7]. - Overall, the PBOC's toolbox appears sufficient to cover both short-term and long-term liquidity needs, suggesting a more efficient and precise liquidity management strategy moving forward [7].

Core Viewpoint - The People's Bank of China (PBOC) has announced a shift in its Medium-term Lending Facility (MLF) operations to a multiple price bidding system, indicating a significant change in the monetary policy framework and the gradual withdrawal of MLF's policy interest rate attributes [2][3][6]. Group 1: MLF Operation Changes - The MLF will now operate under a multiple price bidding system, moving away from a unified bidding rate, which signifies the complete withdrawal of its policy interest rate characteristics [3][6]. - This change is part of a broader strategy to clarify the role of MLF as a liquidity provision tool, focusing on providing one-year liquidity [6][8]. - The PBOC's liquidity management will become more efficient and precise, balancing multiple objectives with a more scientific and flexible approach [6]. Group 2: Impact on Banking Sector - The adoption of multiple price bidding is expected to lower the overall funding costs for MLF, alleviating pressure on banks' net interest margins [8]. - Currently, the one-year interbank certificate of deposit rate for major banks is around 1.95%, with smaller banks potentially facing higher rates, indicating a market-driven approach to pricing [8]. - The recent MLF operation of 450 billion yuan represents a net injection of 630 billion yuan, marking the first net injection since July 2024, reflecting a moderately accommodative monetary policy stance [8].