央行将开展6000亿元一年期MLF操作 连续第七个月加量续做

Core Viewpoint - The People's Bank of China (PBOC) is implementing a 600 billion MLF operation to maintain liquidity in the banking system, indicating a continued net injection of liquidity for the seventh consecutive month [1][2]. Group 1: Monetary Policy Actions - On September 25, 2025, the PBOC will conduct a 600 billion MLF operation with a one-year term, reflecting a fixed quantity and multi-price bidding approach [1]. - In September, the PBOC's net MLF injection reached 300 billion, matching the amount of MLF maturing, resulting in a total net liquidity injection of 600 billion for the month [1][2]. - The central bank's actions are part of a broader strategy to coordinate monetary and fiscal policies, facilitating the smooth issuance of government bonds and meeting credit demands from enterprises and households [1]. Group 2: Market Conditions and Expectations - Recent market conditions, including rising mid-to-long-term interest rates and a tightening of banking system liquidity, have prompted the PBOC to increase fund injections through MLF and other tools [2]. - The PBOC's ongoing net liquidity injection signals a sustained supportive stance in monetary policy, with expectations for further actions in the fourth quarter, including potential reserve requirement ratio (RRR) cuts and resuming government bond transactions [2]. - The anticipated measures are expected to keep market liquidity stable and abundant, limiting the upward movement of market interest rates towards the end of the year [2].