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

Every news editor | Zhang Yiming

| March 25, 2026, Wednesday |

NO.1 Central Bank: Will conduct 500 billion MLF operation with a term 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 conduct a 500 billion MLF operation through fixed quantity, interest rate bidding, and multiple price bidding methods, with a term of 1 year.

Comment: Zhao Yi, a fixed income analyst at CITIC Securities, stated that from the liquidity situation, the overall liquidity market has been relaxed since this year’s Spring Festival, with the supply and demand of liquidity generally remaining balanced. Since March, several long-term liquidity tools have mainly focused on net withdrawal.

NO.2 Deputy Director of the National Financial Regulatory Administration Zhou Liang investigated**

According to CCTV News on March 24, Zhou Liang, a 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 undergoing disciplinary review and supervision 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, the A-share bank sector fluctuated and rose. Qingdao Bank rose by over 4%, Jiangsu Bank, Shanghai Rural Commercial Bank, Nanjing Bank, and Shanghai Bank rose by over 3%, while CITIC Bank and Ping An Bank followed suit.

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

NO.4 Gold prices retreat, customer numbers surge in jewelry stores across India

According to CCTV Finance, international gold prices have significantly declined 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 have retreated, the number of customers in jewelry stores in many regions has surged. Data shows that the current price of 24K gold in India is around 13,000 rupees per gram, approximately 960 yuan. Industry insiders pointed out that many jewelry stores in India are once again bustling with customers.

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

NO.5 A-shares experience a surge in cash dividends

According to Shanghai Securities News, with the concentrated release of 2025 annual reports, listed companies are also showering “red envelopes.” According to incomplete statistics, as of March 22, 122 companies listed on the Shanghai Stock Exchange disclosed their 2025 annual reports, of which 101 companies announced dividend plans, accounting for over 80%. Among them, 70 main board companies released dividend proposals, expecting a total dividend amount of 76.524 billion yuan; 31 Sci-Tech Innovation Board companies announced dividends, with a total expected dividend amount of 3.788 billion yuan.

Comment: The surge in cash dividends in the A-share market reflects the proactive attitude of listed companies in rewarding investors. This trend not only enhances shareholder investment returns but also reflects the overall stability and improvement of the economy, 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.

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