MLF加量续作

Core Viewpoint - Domestic market interest rates are showing a strong trend due to high demand for funds at the end of the quarter, with expectations of a weaker rate next week as short-term funding needs are likely to ease [1] Interest Rate Summary - As of September 25, the Shanghai Interbank Offered Rate (Shibor) overnight rate closed at 1.472%, a decrease of 4.2 basis points from September 18 [1] - The rates for 1-week, 2-week, 1-month, 3-month, 6-month, 9-month, and 1-year periods are reported at 1.584%, 1.625%, 1.564%, 1.574%, 1.635%, 1.669%, and 1.679% respectively, with increases of 5.6, 4.4, 2, 1.8, 0.4, 0.7, and 0.6 basis points compared to September 18 [1] Central Bank Operations - This week, the central bank has 18,268 billion yuan of reverse repos maturing, and has conducted 17,016 billion yuan of reverse repos in the first four working days [1] - The central bank has 300 billion yuan of Medium-term Lending Facility (MLF) maturing and has rolled over 600 billion yuan of MLF, injecting 300 billion yuan of liquidity into the market [1] Future Outlook - The probability of weaker domestic market interest rates next week is high due to the release of short-term funding needs before the holiday and the central bank's liquidity injection through MLF, which helps stabilize medium to long-term rates [1]