中国央行开展9000亿元MLF操作

Core Viewpoint - The People's Bank of China (PBOC) has conducted a 900 billion yuan MLF operation to maintain ample liquidity in the banking system, indicating a continued accommodative monetary policy stance [1][2] Group 1: MLF Operation Details - On October 27, the PBOC carried out a 900 billion yuan MLF operation with a one-year term using a fixed quantity, interest rate bidding, and multiple price bidding methods [1] - With 700 billion yuan of MLF maturing in October, the net MLF injection reached 200 billion yuan, marking the eighth consecutive month of increased operations [1] Group 2: Liquidity and Monetary Policy - The total net liquidity injection for October, including a 400 billion yuan reverse repo, reached 600 billion yuan, maintaining a high level of net injection similar to the previous month [1] - Factors contributing to the PBOC's broad liquidity provision include the upcoming tax period, coordination with government bond issuance, support for credit expansion, and stabilization of market expectations [1] Group 3: Market Impact and Expectations - Recent market conditions, influenced by factors such as anti-"involution" sentiment, a strong stock market, and new public fund redemption regulations, have led to a rise in medium to long-term market interest rates [1] - The PBOC's increased funding injection through MLF and other tools is aimed at stabilizing market expectations and maintaining relative stability in medium to long-term market interest rates [1][2]