MLF中标方式调整点评：MLF政策色彩进一步淡化

Group 1: MLF Policy Changes - The People's Bank of China (PBOC) announced a fixed quantity and multi-price bidding method for MLF operations starting March 2025, with a 1-year term operation of CNY 450 billion on March 25, 2025[2] - The announcement was made on March 24, allowing the market time to digest the information, which is a departure from previous practices where announcements were typically made on the same day[3] - This operation represents a net injection of CNY 630 billion, marking the first net increase since July 2024, indicating a shift towards a more accommodating liquidity stance[3] Group 2: Market Implications - The MLF operation's adjustment reflects a marginal easing of the PBOC's stance on liquidity, suggesting a shift towards "moderate easing" monetary policy[3] - The multi-price bidding method indicates a further dilution of MLF's role as a policy interest rate tool, reinforcing the 7-day reverse repo rate's position as the primary policy rate[4] - The change in MLF operation is expected to provide short-term support to the bond market, alleviating liquidity pressures on banks and potentially lowering funding costs[5] Group 3: Risks and Considerations - There are risks associated with domestic economic recovery not meeting expectations and potential adverse changes in the external environment[6]