8月22日，央行宣布将于25日开展6000亿元MLF（中期借贷便利）操作。本月有3000亿元MLF到期，这 意味着8月央行MLF净投放达到3000亿元，为连续6个月加量续作。 截至当日，央行还开展了3000亿元买断式逆回购净投放，这意味着8月中期流动性净投放总额达6000亿 元，相当于7月的2倍，也是2025年2月以来最大规模净投放。 本月以来，央行通过多维度、大力度的公开市场操作，为市场注入中长期流动性，精准应对短期资金波 动，保障了政府债券发行与实体融资需求。从二季度货币政策执行报告的定调方向到月末流动性前瞻， 市场分析认为，一系列操作释放数量型货币政策工具持续加力的政策信号，接下来流动性宽松还将持 续，但后续货币政策将聚焦"政策落实"，降准降息时点或后移。 中期流动性净投放翻倍 8月央行在中期流动性管理上显著加力，通过MLF与买断式逆回购"双工具联动"，推动单月净投放规模 创下2025年2月以来新高。 具体来看，8月25日央行开展6000亿元MLF操作，对冲当月3000亿元到期量后，实现净投放3000亿元， 这已是MLF连续6个月加量续作。 买断式逆回购操作同步形成补充：8月8日，开展7000亿元3个月 ...

Core Insights - The central bank announced a 300 billion MLF operation scheduled for June 25, 2025, to maintain ample liquidity in the banking system [1][2] - In June, 182 billion MLF is set to mature, resulting in a net injection of 118 billion MLF, marking the fourth consecutive month of increased operations [2] - The total net liquidity injection for June has reached 318 billion, considering the 200 billion reverse repos conducted by the central bank [2] Summary by Sections Monetary Policy Actions - The central bank's decision to conduct a 300 billion MLF operation is aimed at ensuring sufficient liquidity in the banking system [1][2] - The ongoing net liquidity injection is attributed to the large-scale issuance of government bonds and the peak maturity of interbank certificates of deposit [2][3] Economic Implications - The monetary policy is expected to further support domestic demand and stabilize growth in the second half of the year, with a focus on coordination with fiscal policy [3] - MLF is anticipated to continue its increased operations, alongside reverse repos, to maintain a net liquidity injection, ensuring a stable funding environment [3]

Group 1 - The People's Bank of China (PBOC) announced a 300 billion MLF operation to maintain liquidity in the banking system, with a net injection of 118 billion due to 182 billion MLF maturing this month [1] - In June, the PBOC conducted a total of 1.4 trillion reverse repos to offset 1.2 trillion maturing reverse repos, resulting in a total net liquidity injection of 318 billion [1] - Analysts suggest that the continuous net liquidity injection is driven by large-scale government bond issuance and high maturing interbank certificates of deposit, aiming to stabilize market expectations and meet financing needs [1] Group 2 - The reliance on MLF and reverse repos has increased due to the suspension of government bond purchases, with expectations for the PBOC to restart bond buying as liquidity consumption rises [2] - As the end of the quarter approaches, interbank funding rates have increased, with R007 rising by 25.9 basis points to 1.82% and DR007 by 16.1 basis points to 1.67% [2] - The PBOC is expected to use various tools, including MLF and reverse repos, to maintain a net liquidity injection in the second half of the year, while also potentially resuming government bond transactions [2]