--- title: "For 13 consecutive months of increased operations, the central bank conducted a 500 billion yuan MLF operation on the 25th｜News Flash" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/280341819.md" description: "On March 25, the central bank will conduct a 500 billion yuan MLF operation, with a term of 1 year, marking the 13th consecutive month of increased volume, although the increase is smaller than last month's 300 billion yuan. In mid-March, there was a net withdrawal of 250 billion yuan in liquidity, which industry insiders believe is related to the high liquidity injection of 1.9 trillion yuan at the beginning of the year. In the future, the central bank will comprehensively use various tools to maintain liquidity stability, and the reduction in reserve requirement ratio and interest rates may be moderately delayed in the short term" datetime: "2026-03-24T14:03:11.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280341819.md) - [en](https://longbridge.com/en/news/280341819.md) - [zh-HK](https://longbridge.com/zh-HK/news/280341819.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/280341819.md) | [English](https://longbridge.com/en/news/280341819.md) # For 13 consecutive months of increased operations, the central bank conducted a 500 billion yuan MLF operation on the 25th｜News Flash On March 24, the central bank announced that in order to maintain ample liquidity in the banking system, on March 25, it will conduct a 500 billion yuan MLF operation through a fixed amount, interest rate bidding, and multiple price bidding method, with a term of 1 year. Since 450 billion yuan of MLF will mature in March, this means that the March MLF renewal will increase by 50 billion yuan, marking the 13th consecutive month of increase, although the increase is smaller than last month's 300 billion yuan. However, in March, the total net withdrawal from the two-term reverse repos amounted to 300 billion yuan, and combined with the renewal of 50 billion yuan, the net withdrawal of funds in mid-March was 250 billion yuan. "The net withdrawal of mid-term liquidity in March is the first since October 2024." Industry insiders believe this may be related to the high net injection of mid-term liquidity reaching 1.9 trillion yuan in the first two months of the year and the continued ample state of funds in March, and does not indicate that the central bank will tighten mid- to long-term liquidity. Industry insiders stated that the central bank will comprehensively use tools for mid- to long-term liquidity management, such as the reserve requirement ratio, government bond trading, MLF, and reverse repos, to keep the liquidity situation relatively stable and ample. When asked whether the net withdrawal of mid-term liquidity indicates that a reserve requirement ratio cut is imminent, industry insiders analyzed that generally, there is a certain substitutive relationship between mid-term liquidity injection tools and long-term liquidity injection tools such as reserve requirement ratio cuts and government bond trading. At the same time, it is necessary to consider the macroeconomic and financial trends to determine the timing of a reserve requirement ratio cut. In the short term, as external uncertainties suddenly increase, domestic monetary policy is likely to focus on maintaining ample liquidity and stabilizing market expectations; the current policy focus may temporarily shift towards controlling rapid price increases, and operations such as reserve requirement ratio cuts and interest rate reductions may be moderately delayed. Editor: Feng Yingzi ### 相關股票 - [SSE Index (000001.CN)](https://longbridge.com/zh-HK/quote/000001.CN.md) - [SZSE B Share Index (399108.CN)](https://longbridge.com/zh-HK/quote/399108.CN.md) - [SZSE Composite Index (399106.CN)](https://longbridge.com/zh-HK/quote/399106.CN.md) - [Shenzhen Index (399001.CN)](https://longbridge.com/zh-HK/quote/399001.CN.md) - [SSE TOTAL MARKET (000047.CN)](https://longbridge.com/zh-HK/quote/000047.CN.md) - [Fullgoal SSE Composite ETF (510210.CN)](https://longbridge.com/zh-HK/quote/510210.CN.md) ## 相關資訊與研究 - [China’s economy, tech, and markets are having a great month already](https://longbridge.com/zh-HK/news/281664774.md) - [Guangdong-HKGBA Returns to Profitability in 2025](https://longbridge.com/zh-HK/news/281116626.md) - [China, Canada agree to hold economic, financial dialogue in second half of this year - Xinhua](https://longbridge.com/zh-HK/news/281633001.md) - [China's new home prices rise in March; big cities see seasonal pickup, private survey shows](https://longbridge.com/zh-HK/news/281299995.md) - [China's market regulator: to formulate regulations prohibiting unfair competition in cyberspace](https://longbridge.com/zh-HK/news/280958805.md)