MLF连续7个月加量续作！央行多工具护航跨季资金面

Core Viewpoint - The People's Bank of China (PBOC) is intensifying its mid-term liquidity injection to stabilize the financial market amid significant upcoming fund maturities, with a net injection of 300 billion yuan through Medium-term Lending Facility (MLF) operations [1][2]. Group 1: Liquidity Injection Details - On September 25, the PBOC conducted a 600 billion yuan MLF operation, resulting in a net injection of 300 billion yuan after 300 billion yuan of MLF matured [1][2]. - The PBOC has maintained a net injection of mid-term liquidity for seven consecutive months, indicating a consistent policy stance to support market liquidity [1][2]. - In September, the PBOC has also conducted two buyout reverse repurchase operations totaling 300 billion yuan, maintaining the same scale as the previous month [1][2]. Group 2: Market Conditions and Responses - The week of September 22-26 saw a high maturity of funds totaling 21,268 billion yuan, raising concerns about liquidity pressure in the market [2]. - The PBOC's timely MLF operation on September 25 alleviated liquidity pressure, providing reassurance to the market [2]. - Recent liquidity management efforts have been characterized by a clear intention to support market liquidity, especially following a 10 trillion yuan long-term liquidity release in May [2]. Group 3: Interest Rate Movements - On September 24, short-term interbank lending rates (Shibor) rose across the board, indicating tightening liquidity conditions [4]. - The increase in Shibor rates reflects the necessity for the PBOC to enhance mid-term liquidity injections to address seasonal pressures [4]. Group 4: Operational Adjustments - The PBOC has optimized its operational tools and timing to enhance liquidity management, including the reintroduction of 14-day reverse repurchase operations [5][6]. - The adjustment of the 14-day reverse repurchase operation mechanism to a "fixed quantity, interest rate bidding, multiple price bidding" model aims to improve liquidity management precision [5][6]. Group 5: Future Outlook - Experts predict that the PBOC will continue to support market liquidity, with potential downward pressure on the 14-day reverse repurchase rate [7][8]. - The recent reforms signal a commitment to a loose monetary policy, which is expected to positively impact the bond market [8].