央行7月24日开展5000亿元MLF操作--经济·科技--人民网 
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# 央行7月24日开展5000亿元MLF操作

#### 

人民网记者 黄盛

**2026年07月24日09:19** | 来源：[人民网](http://www.people.com.cn/)*![](https://cdn2-app.people.cn/static/img/look.png)*222**

![](/img/2020peopleindex/img/2025gb/wbc-dy.png)*订阅**已订阅**已收藏*![](/img/2020peopleindex/img/2025gb/wbc-sc.png)*收藏*![](/img/2020wbc/imgs/icon_type.png)*小字号*

点击播报本文，约

![](https://cdn2-app.people.cn/static/img/sound.png)![](https://cdn2-app.people.cn/static/img/sound.gif)

为保持银行体系流动性充裕，2026年7月24日，中国人民银行（以下简称“央行”）将以固定数量、利率招标、多重价位中标方式开展5000亿元MLF操作，期限为1年期。

业内人士表示，7月有4000亿MLF到期，这意味着7月MLF续作加量1000亿，为连续第三个月加量续作，加量规模较上月低1000亿，基本符合市场预期。考虑到7月两个期限品种的买断式逆回购加量7000亿，这意味着当月央行中期流动性操作合计加量8000亿，扭转了此前连续四个月的缩量势头，意味着7月三个中期流动性工具全面恢复净投放。

记者了解到，MLF是央行于2014年9月创设的货币政策工具，旨在向商业银行、政策性银行等金融机构提供中期基础货币。自2025年起，MLF不再有统一的中标利率，标志着MLF利率的政策属性完全退出，回归流动性投放工具定位，工具定位聚焦于提供1年期流动性，与其他各期限工具一同构成央行流动性工具体系，目前以每月一次的频率开展操作

  东方金诚首席分析师王青表示，央行上述此举有两个直接原因：一是在前期央行公开市场各项操作适度调减等带动下，7月市场利率回升。其中，DR001和DR007都已升至政策利率（1.4%）附近，1年期商业银行（AAA级）同业存单到期收益率也有一定幅度上行。这意味着前期市场流动性偏松局面已经改变。7月中期流动性恢复净投放，有助于保持市场流动性充裕，避免市场利率过度上行，进而稳定市场预期。二是从已公布的发债计划来看，7月政府债券净融资将显著放量，有望达到1.3万亿，较上月大幅增加4000亿元左右。这样来看，7月中期流动性加量续作，有利于支持政府债券顺利发行，体现货币、财政政策协同。

王青表示，从近期经济走势上看，三季度宏观政策逆周期调节力度将有所加大，其中包括加快政府债券发行，推进8000亿元新型政策性金融工具落地生效等。这意味着包括MLF在内的中期流动性操作工具有望持续加量续作，支持政府债券发行和银行配套信贷投放。这也是下半年货币政策加大逆周期调节力度的一个重要发力点。

有业内人士表示，MLF加量续作能够满足金融机构中长期资金需求，支持政府债券顺利发行，助力银行加大信贷投放力度。

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(责编：王连香、吕骞)

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