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[at 8:30 on september 25, the "medium-term lending facility" column of the central bank's official website released an announcement, announcing that it would carry out a 1-year mlf operation of 300 billion yuan that day, with a winning rate of 2.0%, down 0.3 percentage points from the previous month.]

[in september, the central bank announced the mlf bidding rate for the first time. the highest institutional bidding rate was 2.3% and the lowest was 1.9%.]

the mlf interest rate fell as expected, and the incremental financial support policy has taken effect. this is the first downward trend in the market-based interest rate after the central bank governor pan gongsheng announced at the state council information office press conference on the 24th that the reserve requirement ratio and interest rate would be lowered in the near future.

at 8:30 a.m. on september 25, the “medium-term lending facility” column of the central bank’s official website released an announcement, announcing that it would conduct a 300 billion yuan one-year mlf operation that day, with a winning rate of 2.0%, down 0.3 percentage points from the previous month.

market experts told reporters that this reflects the guiding role of the central bank's policy rate cut (open market 7-day reverse repurchase operation rate) on market-based interest rates. the mlf rate cut will help save bank funding costs. through the bank's internal pricing transmission, it is expected that lpr and deposit rates will also decline, which will continue to boost market confidence and support stable economic growth.

it is worth mentioning that this is the first time that the central bank has announced the mlf bidding price, further improving operational transparency.

yicai noted that the central bank has clearly stated in its announcements since july that it will adopt a fixed quantity and interest rate bidding method for mlf operations, and the winning interest rate will be flexibly determined based on the institutional bids. in september, the central bank announced the mlf bidding interest rate for the first time, with the highest institutional bidding interest rate being 2.3% and the lowest being 1.9%.