# Central Bank to Conduct 500 Billion Yuan MLF Operation; Zhou Liang, Party Committee Member and Vice Director of National Financial Supervision and Administration Bureau, Under Investigation | Financial Morning Brief

Everyday Editor | Zhang Yiming

| Wednesday, March 25, 2026 |

NO.1 Central Bank: Will conduct 500 billion yuan MLF operations with a 1-year term

On March 24, the People’s Bank of China announced that to maintain ample liquidity in the banking system, on March 25, 2026, it will carry out 500 billion yuan of MLF operations through fixed amount, rate bidding, and multiple price bid methods, with a one-year maturity.

Comment: CITIC Securities fixed income analyst Zhao Yi said that, based on liquidity conditions, since the Spring Festival this year, the overall liquidity market has been relatively loose, with supply and demand generally balanced. Since March, several long-term liquidity tools have mainly resulted in net withdrawal.

NO.2 Member of the Party Committee and Deputy Director of the National Financial Regulatory Administration Zhou Liang Under Investigation

According to CCTV News on March 24, Zhou Liang, member of the Party Committee and Deputy Director of the National Financial Regulatory Administration, is suspected of serious violations of discipline and law and is currently under disciplinary review and supervisory investigation by the Central Commission for Discipline Inspection and the National Supervisory Commission.

NO.3 A-shares Bank Sector Fluctuates and Rises

On March 24, A-share banking sector fluctuated and rose. Qingdao Bank rose over 4%, Jiangsu Bank, Shanghai Rural Commercial Bank, Nanjing Bank, and Shanghai Bank rose over 3%, with CITIC Bank and Ping An Bank also gaining.

Comment: Guolian Minsheng Securities believes that in the long term, listed banks have stable performance and low valuations, and the overall sector is expected to generate excess returns. In the medium term, external shocks increase economic uncertainty, and market style is expected to shift toward risk aversion. Banks that experienced significant declines due to passive fund outflows earlier will enter a stage of both absolute and relative gains, with high-quality banks’ valuations having further room for growth.

NO.4 Gold Prices Fall, Jewelry Stores in India See Surge in Customers

According to CCTV Finance, international gold prices have fallen sharply over the past two weeks. On the 23rd, gold futures prices on the New York Mercantile Exchange and spot gold prices in London both fell below $4,200 per ounce during trading, erasing all gains this year. In India, as retail gold prices decline, customer numbers at jewelry stores have surged in many regions. Data shows that currently, the domestic 24K gold price in India is around 13,000 rupees per gram, approximately 960 RMB. Industry insiders note that recently, jewelry stores across India have seen crowds again.

Comment: The decline in gold prices has sparked a consumer boom in India’s jewelry market, reflecting how price fluctuations influence consumer behavior. For investors, changes in gold prices indicate adjustments in market risk sentiment and may also reflect global economic uncertainties.

NO.5 A-shares Cash Dividend Boom

According to Shanghai Securities News, as 2025 annual reports are densely released, a “dividend rain” is also falling on listed companies. According to incomplete statistics, by March 22, 122 Shanghai-listed companies had disclosed their 2025 annual reports, with 101 companies announcing dividend plans, accounting for over 80%. Among them, 70 main-board companies announced dividend plans with an expected total of 76.524 billion yuan; 31 STAR Market companies announced dividends with a total expected payout of 3.788 billion yuan.

Comment: The surge in cash dividends in the A-share market reflects listed companies’ active efforts to reward investors. This trend not only enhances shareholder returns but also indicates overall economic stability and growth, helping to boost the attractiveness of the A-share market. Large-scale cash dividends will promote market liquidity and motivate management to optimize operations.

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