【中文版】

mlf是中期借贷便利（Medium-term Lending Facility）的缩写，是中国央行（PBoC）货币政策工具之一。它是一种货币政策操作工具，对象包括符合要求的商业银行、政策性银行，发放方式为非抵押，期限通常为3个月或6个月。

mlf的目的是增加市场的流动性，同时鼓励商业银行向企业提供低成本的贷款。当商业银行通过mlf获得资金后，可以用于向企业发放低利率的贷款，从而刺激经济增长。

mlf的利率通常低于银行的正常贷款利率，因此对于商业银行而言，通过mlf获得的资金成本较低。同时，由于mlf的操作方式相对简单，对于央行而言，操作成本也较低。

总的来说，mlf是中国央行货币政策工具之一，通过向商业银行提供低成本的资金，增加市场流动性，鼓励商业银行向企业提供低利率的贷款，从而刺激经济增长。

【英文版】

MLF stands for Medium-term Lending Facility, which is one of the monetary policy tools of the People's Bank of China (PBoC). It is a monetary policy operation tool, the target of which includes eligible commercial banks and policy banks, and is issued without mortgage. The term of MLF is usually 3 or 6 months.

The purpose of MLF is to increase market liquidity and encourage commercial banks to provide low-cost loans to enterprises. After obtaining funds through MLF, commercial banks can use them to provide low-interest loans to enterprises, thus stimulating economic growth.

The interest rate of MLF is usually lower than the normal loan rate of the bank, so for commercial banks, the cost of funds obtained through MLF is low. At the same time, because the operation mode of MLF is relatively simple, for the central bank, the operation cost is also low.

Overall, MLF is one of the monetary policy tools of PBoC. By providing low-cost funds to commercial banks, increasing market liquidity, and encouraging commercial banks to provide low-interest loans to enterprises, it stimulates economic growth.