Wen Bin, chief economist at Minsheng Bank, said that after two consecutive months of downsizing and renewing the MLF, the MLF ended the contraction and renewal in order to accommodate the issuance of ultra-long-term special treasury bonds that will begin in mid-late May and to calm tax period fluctuations. However, considering the current overall stability of liquidity, the smooth issuance and lengthening of the pace of special treasury bonds this time have also reduced the concentrated impact on liquidity. In the context of preventing capital accumulation and idling, and banks' demand for MLF is low, MLF has only maintained an equal amount of renewal. (China Financial Times)
央行“等量平价”续做，啥原因？温彬：为配合5月中下旬即将开启的超长期特别国债发行、平抑税期波动等
Why did the central bank renew “equal parity”? Wen Bin: In order to facilitate the issuance of ultra-long-term special treasury bonds to begin in mid-late May, to calm tax period fluctuations, etc.
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