央行预告，下周一，9000亿元

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 900 billion yuan MLF operation on October 27 to maintain ample liquidity in the banking system, with a one-year term [1][2]. Group 1: MLF Operations - The PBOC will implement a fixed quantity, interest rate bidding, and multiple price bidding method for the 900 billion yuan MLF operation [1]. - With 700 billion yuan of MLF maturing in October, the net injection of MLF for the month will reach 200 billion yuan, aligning with market expectations [2]. - The continuous net injection of MLF indicates policy consistency and aims to stabilize market expectations while ensuring sufficient liquidity [2]. Group 2: Market Liquidity - In October, the PBOC also conducted a net injection of 400 billion yuan through reverse repos, bringing the total net liquidity injection to 600 billion yuan, consistent with the previous month [2]. - The net injection of medium-term liquidity has been ongoing for five months, with a significant increase in the last three months, primarily due to expected government bond net financing reaching one trillion yuan [2]. - The regulatory authorities are guiding financial institutions to increase credit issuance, while the PBOC's actions signal a sustained commitment to quantitative monetary policy tools [2]. Group 3: Future Monetary Policy - In the near future, the PBOC is expected to utilize various monetary policy tools, including reverse repos and MLF operations, to enhance short- and medium-term market liquidity [3]. - The PBOC aims to optimize the liquidity term structure to meet the demands of government bond issuance and increased credit supply [3]. - The central bank will adapt its monetary policy tools based on macroeconomic conditions to ensure liquidity, support consumption, and stabilize the financial market [3].