In August, the MLF net injection was 300 billion yuan, and the Central Bank's policy may focus more on "implementation and detail."

Jin10 data reported on August 23 that the Central Bank will carry out a 600 billion yuan Medium-term Lending Facility (MLF) operation next week, with a net MLF injection of 300 billion yuan in August, marking the sixth consecutive month of “increased continuation”. Combined with a 300 billion yuan reverse repurchase agreement, the total net liquidity injection in August has reached 600 billion yuan, the highest monthly figure since February this year. Industry insiders indicate that this move signals that monetary policy operations will continue to remain accommodative, supporting credit and market expectations. Looking ahead, there is limited room for a reserve requirement cut within the year, and the policy focus may shift to “implementation and fine-tuning”, emphasizing flexible execution and precise transmission while maintaining ample liquidity.