The People's Bank of China (PBOC) conducted a 300 billion yuan (approximately $41.86 billion) medium-term lending facility (MLF) operation on June 25, 2025, to maintain ample liquidity in the banking system. With 182 billion yuan of MLF funds maturing in June, the net MLF injection reached 118 billion yuan, marking the fourth consecutive month of increased rollover. Additionally, on June 26, the PBOC injected 509.3 billion yuan through 7-day reverse repos at an unchanged rate of 1.40%, resulting in a net injection of 305.8 billion yuan in open market operations. The USDCNY reference rate was fixed at 7.1620, slightly lower than the previous fix of 7.1668 and prior close of 7.1750.