2065438+In September 2004, the People's Bank of China set up a medium-term loan facility. Medium-term lending facility is a monetary policy tool for the central bank to provide medium-term base money. Commercial banks and policy banks that meet the requirements of macro-prudential management are required to provide high-quality bonds such as government bonds, central bank bills, policy financial bonds and high-grade credit bonds as qualified pledges.

200410.6, the central bank of China said that the Medium-term Lending Facility (MLF) was established in September this year, and a total of 769.5 billion base money was put into the banking system through this tool in September and February. In addition, the central bank also confirmed that the mortgage supplementary loan instrument (PSL) provides long-term funds for development finance to support the transformation of shanty towns. Previously, the media reported many times that the central bank had created new tools to release liquidity, but there were different opinions on the types of tools. Today, the answer is finally revealed.

The central bank also confirmed that in September of 20 14 and June of 20 10, 500 billion yuan and 269.5 billion yuan of base money were invested in state-owned commercial banks, joint-stock commercial banks, large city commercial banks and rural commercial banks through medium-term lending facilities, with a term of three months and an interest rate of 3.5%, which not only provided liquidity, but also played the role of medium-term policy interest rate.

The central bank said, "On the whole, with the gradual slowdown of the base money in foreign exchange channels, medium-term lending facilities have played a role in supplementing the liquidity gap, which is conducive to maintaining a neutral and moderate liquidity level.

Medium-term loan facilitation MLF is a new measure, which confirms the market's speculation on medium-term credit financing tools.

Compared with the Standing Loan Facility (SLF), the difference is not obvious, but the medium-term liquidity management tool can stabilize everyone's expectations. Creating medium-term lending facilities can not only meet the current requirements of the central bank to stabilize interest rates, but also will not directly put the base currency into the market. This is a satisfactory solution.

The medium-term lending facility reflects the adjustment of the basic principles of China's monetary policy, namely, maintaining pressure, directional regulation, structural adjustment and pre-adjustment and fine-tuning.