央行宣布！6000亿元，明日操作

Group 1 - The People's Bank of China (PBOC) will conduct a 600 billion yuan Medium-term Lending Facility (MLF) operation on September 25, with a one-year term, to maintain ample liquidity in the banking system [1] - On September 25, 300 billion yuan of one-year MLF will mature, resulting in a net injection of 300 billion yuan, marking the seventh consecutive month of increased MLF operations [1] - Additionally, 487 billion yuan of 7-day reverse repos will also mature on the same day [1] Group 2 - Since the May reserve requirement ratio (RRR) cut that released 1 trillion yuan of long-term liquidity, the medium-term liquidity has been in a net injection state for nearly four months, with a significant increase in the past two months [2] - The current phase is characterized by a peak in government bond issuance, and the regulatory authorities are guiding financial institutions to increase credit supply, reflecting a coordination between monetary and fiscal policies [2] - The recent rise in medium to long-term market interest rates has tightened liquidity in the banking system, prompting the PBOC to enhance fund injections through MLF and other tools to stabilize market expectations [2] Group 3 - In September, the PBOC conducted 1 trillion yuan and 600 billion yuan of reverse repo operations on September 5 and 15, respectively [3] - The PBOC is expected to continue using various monetary policy tools, such as reverse repos and MLF operations, to adjust short- and medium-term market liquidity [3] - The aim is to optimize the liquidity maturity structure and better support government bond issuance and increased credit supply to key strategic areas and weak links [3]