MLF连续8个月加量续做，四季度或深度释放流动性

Core Viewpoint - The People's Bank of China (PBOC) is expected to continue implementing measures to release liquidity, including potential rate cuts or bond purchases in the fourth quarter, as indicated by recent monetary policy actions [1][5]. Group 1: Monetary Policy Actions - In October, the PBOC conducted a 900 billion yuan one-year Medium-term Lending Facility (MLF) operation, resulting in a net injection of 200 billion yuan, marking the eighth consecutive month of increased MLF operations [1][2]. - The total net liquidity injection for October reached 600 billion yuan, combining MLF and 400 billion yuan of reverse repos, although the MLF net injection was slightly lower than the previous months [2][3]. - The PBOC's actions reflect a continued moderate easing stance in monetary policy, with a focus on maintaining liquidity amid significant tax payment periods and month-end pressures [2][4]. Group 2: Coordination with Fiscal Policy - The PBOC's liquidity injections are aimed at supporting government bond issuances, with expectations of net financing for government bonds reaching one trillion yuan in October [2][3]. - Financial institutions are being encouraged to increase credit supply, with new policy financial tools being expedited to facilitate substantial credit disbursements [3][4]. - The PBOC's strategy indicates a coordinated approach between monetary and fiscal policies to meet the financing needs of enterprises and households [3][4]. Group 3: Future Outlook - The PBOC is likely to continue using quantity-based monetary policy tools, maintaining a supportive stance in the fourth quarter [4][5]. - There is a significant amount of MLF and reverse repos maturing in the upcoming months, which may prompt further liquidity measures from the PBOC [4][5]. - Market liquidity is expected to remain stable and ample until the end of the year, with limited upward pressure on market interest rates [5].