According to reports from Jin Ten Data, Citic Securities' research report points out that in May 2025, MLF will maintain excess rollover, with a net injection of 375 billion yuan. This MLF operation, combined with the RRR cut, will achieve a substantial liquidity supply. The earlier interest rate cut on reverse repos has already been implemented, and the cost of liabilities for commercial banks has been significantly reduced. In the future, the central bank may maintain a loose operation, and net MLF injections may become a regular operation.