9000亿元，下周一，央行将有“大动作”！

Core Viewpoint - The central bank is set to conduct a 900 billion yuan MLF operation to maintain liquidity in the banking system, reflecting a sustained high level of medium-term liquidity injection since May [1][2]. Group 1: Central Bank Operations - The central bank will conduct a 900 billion yuan MLF operation with a one-year term on October 27, 2025, using a fixed quantity and multi-price bidding method [1]. - In addition to the MLF operation, the central bank has injected 400 billion yuan through reverse repos, bringing the total net liquidity injection for October to 600 billion yuan, consistent with the previous month [1]. Group 2: Economic Analysis - The current liquidity injection is aimed at supporting real financing needs, as government bond issuance remains significant and financial institutions are encouraged to increase credit supply [2]. - The central bank's actions are intended to stabilize market expectations and liquidity, especially in light of rising medium to long-term market interest rates and tightening liquidity in the banking system [2]. Group 3: Future Outlook - It is anticipated that the central bank will further utilize quantity-based monetary policy tools in the fourth quarter, potentially implementing a new round of reserve requirement ratio cuts and resuming government bond trading [3]. - The expectation is that market liquidity will remain stable and ample before the end of the year, with limited upward pressure on market interest rates [3].