9000亿元，央行连续八个月加量续作

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 900 billion yuan Medium-term Lending Facility (MLF) operation on October 27, maintaining liquidity in the banking system amid a backdrop of expiring MLFs and a consistent monetary policy approach [1][3]. Group 1: MLF Operations - The PBOC will conduct a 900 billion yuan MLF operation with a one-year term, resulting in a net injection of 200 billion yuan for October, marking the eighth consecutive month of increased MLF operations [1]. - The MLF operation is part of a broader strategy that includes open market operations and reverse repos, with a total of 600 billion yuan in medium-term liquidity released in October, consistent with the previous month [3]. - Since March, the MLF has shifted back to its role as a liquidity provision tool, with market institutions expecting continued support through MLF and reverse repos to maintain liquidity [3][4]. Group 2: Market Impact and Mechanism - The MLF operation's bidding mechanism has been improved, allowing for pre-announcement of bidding results, which aids financial institutions in planning their liquidity needs [3]. - The multi-price bidding approach enhances the ability of institutions to set bidding rates according to their needs, improving market-driven pricing capabilities [3]. - Analysts predict that the PBOC will continue to utilize both reverse repos and MLF to inject medium-term liquidity into the market [4].