10月份MLF延续净投放 持续呵护中期流动性

Core Viewpoint - The People's Bank of China (PBOC) is maintaining a loose monetary policy by injecting liquidity through various tools, which is expected to alleviate funding pressures and stabilize market conditions [1][2]. Group 1: Monetary Policy Actions - On October 27, the PBOC conducted a 7-day reverse repo operation of 337.3 billion yuan at a fixed rate of 1.4% [1]. - The PBOC also executed a 1-year Medium-term Lending Facility (MLF) operation of 900 billion yuan, resulting in a net injection of 348.3 billion yuan after accounting for maturing instruments [1]. - The total net liquidity injection for October reached 600 billion yuan, maintaining a high level of liquidity similar to September [1]. Group 2: Government Debt and Financing - The PBOC's long-term liquidity support is aligned with government bond issuance, which is expected to reach a net financing scale of 1 trillion yuan in October [2]. - The introduction of 500 billion yuan in new policy financial instruments is anticipated to stimulate approximately 5 trillion yuan in effective investment, creating a demand for 2 to 2.5 trillion yuan in accompanying loans [2]. Group 3: Future Outlook - Significant amounts of reverse repos and MLFs are set to mature in the fourth quarter and January, totaling 5.6 trillion yuan and 1.9 trillion yuan respectively [3]. - The PBOC may consider reducing reserve requirements or purchasing bonds to further release liquidity, ensuring that market liquidity remains stable and abundant until year-end [3].