央行提前披露4500亿元招标，MLF利率政策属性完全淡出 北京商报讯（记者 廖蒙）中期借贷便利（MLF）再现新信号。3月24日，据央行官网披露，为保持银行体系流动性充裕，更好满足不同参与机构差异化资金 需求，自本月起MLF将采用固定数量、利率招标、多重价位中标方式开展操作。2025年3月25日（周二），央行将开展4500亿元MLF操作，期限为1年期。 | | | | 中国人民银行 THE PEOPLE'S BANK OF CHINA | | 货币政策司 Monetary Policy Department | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 信息公开 | 新闻发布 | 法律法规 | 货币政策 | 宏观审慎 | 信贷政策 | 金融市场 | 金融稳定 | 调查统计 | 银行 | | | 金融科技 | 人民币 | 经理国库 | 国际交往 | 人员招录 | 学术交流 | 征信管理 | 反洗钱 | 党建 | | 服务互动 | 政务公开 | 政策解读 | 公告信息 | 图文直播 | 央行研究 | 音频视频 | ...

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].