The People's Bank of China has scaled back to MLF

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      At the peak of tax payment, the open market of the People's Bank of China only contracted on Wednesday to renew the expired MLF (medium-term lending facilities), and even with the simultaneous reverse repurchase operation, the one-day net return is still small. Analysts said that the latest quarter GDP and March economic data were warm, the short-term rebound of fundamentals was clear, and monetary policy was relatively neutral from the previous loose and fine-tuned.
Analysts also point out that when the downturn pressure is temporarily relieved, the corresponding strength of monetary policy is also reasonable, and the probability of recent reduction is further reduced. The central bank's liquidity regulation will mainly rely on the open market reverse repurchase + MLF or TMLF (directed medium-term lending facilities) portfolio, but also reserve more space for future regulation.
They also argue that today's central bank did not expect the MLF to be renewed with TMLF, mainly because of its low interest rate level, TMLF may be more relaxed than MLF, and the neutral attitude conveyed by using MLF will be clearer when policy attitudes shrink.
"It's a little surprising to see the operation. The economic data just released are very good, the industrial added value is super good, and GDP is also beyond expectations. In this environment (the central bank) may feel that MLF is a relatively neutral operation." Chen Zheng, senior analyst of China Merchants Bank Asset Management Department, said.
China's central bank announced Wednesday that, in order to maintain a reasonable and sufficient liquidity of the banking system, a seven-day reverse repurchase of 160 billion yuan was carried out today and a one-year MLF operation of 200 billion yuan was carried out in accordance with the current liquidity demand term structure. Considering that today's irreversible repurchase expires, but there are 366.5 billion yuan of medium-term lending facility (MLF) expires, according to this calculation, the open market has a net one-day return of 6.5 billion yuan.


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