央行连续九个月加量续作MLF！专家：年终前后可能实施新一轮降准

Core Viewpoint - The People's Bank of China (PBOC) is injecting liquidity into the banking system through MLF and reverse repos to counter potential liquidity tightening, aiming to maintain a stable and ample funding environment, which supports government bond issuance and encourages financial institutions to increase credit supply [1][2]. Group 1: MLF Operations - On November 25, the PBOC announced a 10 trillion yuan MLF operation, with 9 trillion yuan of MLF maturing this month, resulting in a net injection of 1 trillion yuan, marking the ninth consecutive month of increased MLF operations [1]. - The total net liquidity injection for November, including a 5 trillion yuan reverse repo, reached 6 trillion yuan, consistent with the previous month and maintaining a high level for four consecutive months [1]. Group 2: Economic Implications - The PBOC's actions are seen as a response to tightening liquidity in the banking system, driven by factors such as the maturity of bank interbank certificates and the completion of new policy financial tools, which are expected to increase government bond issuance and support credit growth [1][2]. - The central bank's continued support through MLF indicates a commitment to a supportive monetary policy stance, which is crucial for stabilizing economic growth and expectations amid recent macroeconomic fluctuations [2][3]. Group 3: Future Predictions - Predictions suggest that a new round of reserve requirement ratio (RRR) cuts may be implemented by year-end, driven by external economic conditions, domestic growth dynamics, and the need to stabilize the real estate market [2]. - The anticipated policies, marked by the "two 5 trillion yuan" measures, are expected to enhance fiscal strength and monetary easing, contributing to a stable macroeconomic environment for the fourth quarter and the first quarter of the following year [2].