9000亿元！央行宣布，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, 2025, to maintain ample liquidity in the banking system, with a net injection of 200 billion yuan in October, aligning with market expectations [1][2]. Group 1 - The PBOC will implement a fixed quantity, interest rate bidding, and multiple price bidding method for the MLF operation, with a one-year term [1]. - In October, 700 billion yuan of MLF is maturing, leading to a total net injection of 600 billion yuan in mid-term liquidity, consistent with the previous month [1][2]. - The ongoing net injection of mid-term liquidity reflects a high level of liquidity support, with a significant expansion in net injection scale over the past three months [2]. Group 2 - Following a 1 trillion yuan reserve requirement cut in May, the mid-term liquidity has remained in a net injection state for five months, indicating a coordinated effort between monetary and fiscal policies [2]. - The government is currently issuing a large volume of bonds, with an additional 500 billion yuan of local government debt planned for October to address existing debt and enhance effective investment [2]. - Financial authorities are encouraging financial institutions to increase credit issuance, with 500 billion yuan of new policy financial instruments being expedited since the end of September, which will lead to substantial credit support [2].