什么是MLF：中文与英文对照解读

中文版

什么是MLF？

MLF，即中期借贷便利，是中国人民银行（央行）为金融机构提供的一种货币政策工具。它允许金融机构以质押的方式，从央行获得中期基础货币。这种质押通常使用国债、政策性金融债等高质量债券作为抵押品。

MLF的主要目的是调节金融机构的中期融资需求，以引导市场利率走向，进而促进经济的平稳运行。当央行希望刺激经济时，它可以通过增加MLF的投放量来提供更多的流动性，降低市场利率，鼓励金融机构扩大信贷规模。相反，当央行希望抑制经济过热时，它可以减少MLF的投放量，回收流动性，提高市场利率，以减缓信贷增长。

此外，MLF还具有稳定市场预期的作用。由于MLF的利率通常被视为市场利率的基准，因此其变动会对市场利率产生重要影响。通过调整MLF的利率，央行可以引导市场预期，稳定市场情绪，维护金融市场的稳定。

英文版

What is MLF?

The Medium-Term Lending Facility (MLF) is a monetary policy tool provided by the People's Bank of China (PBOC) to financial institutions. It allows financial institutions to obtain medium-term base money from the PBOC through collateralization. This collateralization typically uses high-quality bonds such as treasury bonds and policy-oriented financial bonds as collateral.

The primary purpose of MLF is to regulate the medium-term financing needs of financial institutions, guide market interest rates, and promote the smooth operation of the economy. When the PBOC wishes to stimulate the economy, it can provide more liquidity by increasing the allocation of MLF, reducing market interest rates, and encouraging financial institutions to expand credit scale. Conversely, when the PBOC wishes to contain overheating of the economy, it can reduce the allocation of MLF, withdraw liquidity, and increase market interest rates to slow down credit growth.

In addition, MLF also has the role of stabilizing market expectations. As the interest rate of MLF is usually regarded as the benchmark for market interest rates, its changes have significant impacts on market interest rates. By adjusting the interest rate of MLF, the PBOC can guide market expectations, stabilize market sentiment, and maintain the stability of financial markets.