北京商报讯（记者 廖蒙）8月中国人民银行中期借贷便利（MLF）操作再度加量。根据人民银行官网， 为保持银行体系流动性充裕，2025年8月25日人民银行将以固定数量、利率招标、多重价位中标方式开 展6000亿元MLF操作，期限为1年期。业内预计，接下来MLF还会加量续作，并结合买断式逆回购操 作，持续向市场注入中期流动性。 对于下一阶段货币政策走势，人民银行也在报告中指出，落实落细适度宽松的货币政策。根据国内外经 济金融形势和金融市场运行情况，把握好政策实施的力度和节奏，保持流动性充裕，使社会融资规模、 货币供应量增长同经济增长、价格总水平预期目标相匹配，持续营造适宜的金融环境。 另据Wind数据，在8月25日—29日的一周里，人民银行公开市场将有20770亿元逆回购到期、3000亿元 MLF到期，以及5000亿元6个月期、4000亿元3个月期买断式逆回购到期。按照对应数据计算，本月 MLF操作实现净投放3000亿元。自2025年3月开始，人民银行连续第六个月加量续作MLF，整体符合市 场预期。 除了通过MLF投放中期流动性外，人民银行在8月8日、8月15日分别开展了7000亿元、5000亿元买断式 逆回购操作 ...

Core Viewpoint - The People's Bank of China (PBOC) is implementing measures to maintain liquidity in the banking system, including a 500 billion yuan reverse repo operation, which aligns with market expectations and aims to support the economy during a period of significant government bond issuance and maturing deposits [3][4]. Group 1: PBOC Operations - On August 15, the PBOC will conduct a 500 billion yuan, 6-month reverse repo operation to ensure ample liquidity in the banking system [3]. - This operation follows a previous 700 billion yuan, 3-month reverse repo conducted on August 8, bringing the total reverse repo operations for the month to an excess of 300 billion yuan [3]. - The PBOC's actions are designed to offset maturing reverse repos, with 4 billion yuan of 3-month and 5 billion yuan of 6-month reverse repos set to mature in August [3]. Group 2: Market Analysis - Analysts suggest that the PBOC's increased reverse repo operations signal a relatively loose monetary policy, especially compared to the 200 billion yuan net injection in June and July [4]. - The timing of these operations is closely linked to the peak period for government bond issuance and significant maturing deposits, with expectations for a recovery in credit in August despite previous negative credit growth [4]. - It is anticipated that the PBOC will continue to rely on medium-term lending facilities (MLF) and reverse repos to maintain liquidity, rather than reducing reserve requirements or resuming government bond trading in the short term [4].