9000亿元！央行预告：下周一操作！

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, marking the eighth consecutive month of increased MLF issuance to maintain liquidity in the banking system [1] Group 1 - The PBOC will conduct the MLF operation with a one-year term, resulting in a net injection of 200 billion yuan for October, following the maturity of 700 billion yuan in MLF [1] - The combined liquidity release from MLF and reverse repos in October amounts to 600 billion yuan, maintaining the same scale as the previous month, reflecting the central bank's moderately accommodative monetary policy stance [1] - Since March, the MLF has shifted back to its role as a liquidity injection tool, providing stability for financial institutions amid pressures on net interest margins [1] Group 2 - The MLF operation has improved its bidding mechanism, allowing institutions to prepare for liquidity arrangements in advance, which enhances their ability to determine bidding rates based on demand [2] - The PBOC is expected to continue injecting medium-term liquidity into the market by utilizing both reverse repos and MLF as policy tools [2]