Central Bank: Will conduct 500 billion yuan MLF operations; Zhou Liang, member of the Party Committee and Deputy Director of the National Financial Regulatory Administration, under investigation | Financial Morning Brief

Everyday Editor | Zhang Yiming

| March 25, 2026, Wednesday |

NO.1 Central Bank: Will Conduct 500 Billion Yuan MLF Operation, with a Term of 1 Year**

On March 24, the central bank announced that to maintain ample liquidity in the banking system, on March 25, 2026, the People’s Bank of China will conduct a 500 billion yuan MLF operation through a fixed amount, interest rate bidding, and multiple price level bidding method, with a term of 1 year.

Comment: Zhao Yi, fixed income analyst at Citic Securities, stated that from the liquidity situation, the overall liquidity market has been relatively loose since this year’s Spring Festival, and the overall supply and demand for liquidity has remained balanced. Since March, several long-term liquidity tools have mainly focused on net withdrawal.

NO.2 Deputy Director of the National Financial Supervision and Administration Bureau Zhou Liang Under Investigation**

According to CCTV News on March 24, Zhou Liang, a member of the party committee and deputy director of the National Financial Supervision and Administration Bureau, is under investigation for serious violations of discipline and law, currently undergoing disciplinary review and monitoring investigation by the Central Commission for Discipline Inspection and the National Supervisory Commission.

NO.3 A-Share Bank Sector Fluctuates and Rises

On March 24, the A-share bank sector fluctuated and rose. Qingdao Bank rose over 4%, Jiangsu Bank, Shanghai Rural Commercial Bank, Nanjing Bank, and Shanghai Bank rose over 3%, while Citic Bank and Ping An Bank also increased.

Comment: Guolian Minsheng Securities believes that in the long term, the performance of listed banks is stable and valuations are low, optimistic about the long-term excess returns of the overall sector. In the medium term, under external shocks, economic uncertainty is expected to increase, and market style is anticipated to shift towards risk aversion. The bank sector, which has seen significant declines due to passive capital outflows, will enter a phase with both absolute and relative returns, and the valuations of fundamentally strong banks also have further room for improvement.

NO.4 Gold Prices Fall, Customer Numbers Surge at Jewelry Stores in Multiple Locations in India**

According to CCTV Finance, international gold prices have significantly dropped in the past two weeks. On the 23rd, gold futures prices on the New York Commodity Exchange and spot gold prices in London both fell below $4,200 per ounce, erasing all gains made this year. In India, as retail gold prices fall, customer numbers at jewelry stores in multiple locations have surged. Data shows that the current price of 24K gold in India is around 13,000 rupees per gram, approximately 960 yuan. Industry insiders point out that many jewelry stores across India are once again bustling with customers.

Comment: The fall in gold prices has triggered a consumption boom in the Indian jewelry market, demonstrating the impact of price fluctuations on consumer behavior. For investors, changes in gold prices signify adjustments in market risk aversion, and may also reflect uncertainties in the global economic outlook.

NO.5 A-Share Cash Dividend Wave Surges**

According to the Shanghai Securities Journal, with the intensive release of 2025 annual reports, listed companies are also distributing “red envelope rain.” According to incomplete statistics, as of March 22, 122 companies in the Shanghai market have disclosed their 2025 annual reports, among which 101 companies announced dividend plans, accounting for over 80%. Among them, 70 main board companies issued dividend proposals, with an expected total dividend amount of 76.524 billion yuan; 31 Sci-Tech Innovation Board companies announced dividends, with an expected total dividend amount of 3.788 billion yuan.

Comment: The surge in cash dividends in the A-share market reflects listed companies’ positive attitude towards rewarding investors. This trend not only enhances shareholders’ investment returns but also indicates overall economic stability and improvement, which helps to enhance the attractiveness of the A-share market. Large-scale cash dividends will promote market liquidity while incentivizing company management to optimize operational strategies.

Disclaimer: The content and data of this article are for reference only and do not constitute investment advice. Please verify before use. Any actions taken based on this are at your own risk.