央行今日开展 6000亿元MLF操作

Core Viewpoint - The People's Bank of China (PBOC) is implementing measures to maintain liquidity in the banking system, including a 600 billion yuan Medium-term Lending Facility (MLF) operation, reflecting a continued accommodative monetary policy stance [1][2]. Group 1: MLF Operations - On September 25, the PBOC will conduct a 600 billion yuan MLF operation with a one-year term, marking the seventh consecutive month of increased MLF issuance [1]. - The net MLF injection for September will reach 300 billion yuan, as 300 billion yuan of MLF is maturing this month [1]. - The MLF operations have transitioned to a more predictable framework, allowing financial institutions to better manage their liquidity needs [2]. Group 2: Coordination of Policies - The increase in MLF operations is seen as a means to support the smooth issuance of government bonds during a peak issuance period, demonstrating coordination between fiscal and monetary policies [2]. - The PBOC's actions are aimed at stabilizing market expectations amid rising medium to long-term market interest rates influenced by a strong stock market [2]. Group 3: Future Expectations - Analysts anticipate that the PBOC may further utilize quantitative monetary policy tools in the fourth quarter, including MLF and reverse repos, to inject liquidity into the market [2]. - There is a possibility that the PBOC may resume government bond trading operations, which could provide more flexible and effective liquidity support compared to regular reverse repos [3].