As China's Central Bank raises the medium-term lending facilities (MLF) interest rates, a benchmark indicator, it once again clarifies its attitude on neutral-tight monetary policy. Another issue that concerns the market is that the impact of policy rate changes on financial institutions and financial assets. Anbound research team believes that the Central Bank once again has emphasized the intention of returning monetary policy to neutral and financial deleveraging to the market. In the short term, interest rates may be slightly higher; a certain degree of liquidity tightening seems inevitable. This has an impact on all financial institutions, and that small and medium financial institutions would feel the impact the most, therefore it is necessary to be more cautious in the credit and off-balance-sheet financing. Changes in the interest rate will have different impacts on the bond market, the property market, commodities and other financial assets as well.