# 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

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| Wednesday, March 25, 2026 |

NO.1****Central bank: 500 billion yuan MLF operation will be carried out for a period of 1 year

On March 24, the central bank announced that in order to maintain sufficient liquidity in the banking system, on March 25, 2026, the People’s Bank of China will carry out 500 billion yuan MLF operations in the form of fixed quantity, interest rate bidding, and multiple price winning bids, with a period of 1 year.

**Comments:**Zhao Yi, a fixed income analyst at CITIC Securities, said that from the perspective of liquidity, since the Spring Festival this year, the overall liquidity market has been loose, and the overall balance of liquidity supply and demand has remained balanced.

NO.2****Zhou Liang, member of the Party Committee and deputy director of the State Administration of Financial Supervision and Administration, was investigated

According to CCTV News on March 24, Zhou Liang, member of the Party Committee and deputy director of the State Administration of Financial Supervision and Administration, is suspected of serious violations of discipline and law, and is currently undergoing disciplinary review and supervision investigation by the Central Commission for Discipline Inspection and the State Supervision Commission.

NO.3 A-shares****The banking sector fluctuated upward

On March 24, the A-share banking sector fluctuated upward. Bank of Qingdao rose more than 4%, Bank of Jiangsu, Shanghai Rural Commercial Bank, Bank of Nanjing, Bank of Shanghai rose more than 3%, and China CITIC Bank and Ping An Bank followed suit.

**Comments:**Guolian Minsheng Securities believes that in the long run, the performance of listed banks is stable and the valuation is low, and they are optimistic about the long-term excess returns of the overall sector. In the medium term, economic uncertainty will increase under external shocks, and the market style is expected to turn to risk aversion.

NO.4****Gold prices have fallen, and the number of customers in jewelry stores in many parts of India has surged

According to CCTV Finance, international gold prices have fallen significantly in the past two weeks, and on the 23rd, the gold futures price of the New York Mercantile Exchange and the spot gold price in London both fell below $4,200 per ounce intraday, erasing all gains this year. In India, the number of jewelry store customers has surged as the retail price of gold has fallen. According to the data, at present, the price of 24K gold in India is about 13,000 rupees per gram, or about 960 yuan. Industry insiders pointed out that jewelry stores in many places in India have been crowded again recently.

**Comments:**The decline in gold prices has triggered a consumer boom in the Indian jewelry market, showing the impact of price fluctuations on consumer behavior. For investors, changes in gold prices mean an adjustment in market risk aversion, and may also reflect uncertainty about the direction of the global economy.

NO.5****A-share cash dividends are surging

According to the Shanghai Securities Daily, with the intensive release of the 2025 annual report, the “red envelope rain” of listed companies has also fallen. According to incomplete statistics, as of March 22, a total of 122 Shanghai companies have disclosed their 2025 annual reports, of which 101 companies have released dividend plans, accounting for more than 80%. Among them, 70 main board companies issued dividend plans, with an expected dividend amount of 76.524 billion yuan, and 31 Science and Technology Innovation Board companies announced dividends, with an estimated total dividend amount of 3.788 billion yuan.

**Comments:**The surge in cash dividends in the A-share market reflects the positive attitude of listed companies to give back to investors. This trend not only enhances the investment returns of shareholders, but also reflects the stability and improvement of the overall economy, which helps to enhance the attractiveness of the A-share market. Large-scale cash dividends will drive market liquidity while incentivizing the company’s management to optimize its operational strategy.

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