呵护跨季资金面 央行连续八个月加量续作MLF

Core Viewpoint - The central bank has signaled a commitment to maintaining liquidity stability through increased medium-term lending facility (MLF) operations, with a focus on balancing risk prevention and expectation stabilization [1][2]. Group 1: Central Bank Operations - On October 27, the central bank conducted a 900 billion yuan MLF operation, marking the eighth consecutive month of increased MLF operations this year [1]. - The central bank also performed a 337.3 billion yuan reverse repurchase operation at a rate of 1.4%, resulting in a net liquidity injection of 348.3 billion yuan for the day [1]. - Analysts expect that the total net MLF injection for October will reach 200 billion yuan, aligning with market expectations and supporting government bond issuance [1][2]. Group 2: Market Impact and Expectations - The central bank's operations are seen as a coordinated effort between monetary and fiscal policies, with significant government bond issuance expected in October, potentially exceeding 1 trillion yuan [2]. - The overall liquidity environment is expected to remain stable, with short-term liquidity pressures anticipated due to tax payment deadlines, but these are expected to be manageable [3][4]. - Recent trends in the bill market indicate a decline in financing demand, which may alleviate some of the liquidity tension associated with tax periods [3]. Group 3: Future Outlook - Despite potential short-term disturbances, the overall liquidity situation is projected to remain stable across the quarter, with the central bank likely to continue using reverse repurchase operations to mitigate volatility [4][5]. - The resumption of government bond trading operations by the central bank is expected to enhance market confidence and provide additional tools for maintaining market stability [5].