投放中期流动性 央行连续7个月加量续作MLF

Core Viewpoint - The central bank is increasing medium-term liquidity injections to support government bond issuance and stabilize market expectations amid rising interest rates and tightening liquidity conditions [1][2][3] Group 1: Central Bank Actions - On September 25, the central bank will conduct a 600 billion yuan MLF operation, resulting in a net liquidity injection of 300 billion yuan after accounting for 300 billion yuan in maturing loans [1] - This marks the seventh consecutive month of increased liquidity measures, maintaining the same scale as August [1] - The central bank's actions reflect a coordinated effort between monetary and fiscal policies to facilitate government bond issuance and meet credit demand from enterprises and households [1] Group 2: Market Reactions - Despite the central bank's liquidity measures, long-term bond yields remain under pressure, with the 10-year government bond yield surpassing 1.82% and some policy bank bonds reaching 2.0% [2] - The market is experiencing increased volatility as investors debate whether to hold bonds over the holiday period, leading to cautious trading behavior [2] - Overall, the bond market is expected to remain in a volatile state in the short term, with heightened institutional competition [2] Group 3: Future Outlook - Analysts anticipate that the central bank will further utilize quantity-based monetary policy tools in the fourth quarter, potentially implementing a new round of reserve requirement ratio cuts and resuming government bond trading [3] - The continued injection of medium-term liquidity suggests that market liquidity will remain stable and abundant before the year-end, limiting the upward movement of market interest rates [3]