On September 7, China's central bank has injected RMB 275 billion medium-term lending facility (MLF) into 15 financial institutions to ease the pressure of overdue funds. We believe that the Federal Reserve of the United States will increase the interest rate this year, and the pressure for the devaluation of Renminbi is still there; the risk has yet to dissipate. At the same time, first and second-tier cities are experiencing overheated property market, the risk of property bubble bursting is increasing, and this bubble is caused by monetary easing. It is expected that in the new credit in August, housing loans will still be the main driving force. Under a variety of constraints, the central bank's policy to maintain stability and might be the best option.