10000亿元！央行预告

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 1 trillion yuan MLF operation on November 25, indicating a net injection of 100 billion yuan in November, continuing a trend of increased liquidity support for the ninth consecutive month [1][3]. Group 1: Monetary Policy Actions - The PBOC will implement a fixed quantity, interest rate tender, and multi-price bidding method for the 1 trillion yuan MLF operation, with a one-year term [1]. - In November, there will be 900 billion yuan of MLF maturing, resulting in a net injection of 100 billion yuan [1]. - The central bank's net liquidity injection for November, including a 500 billion yuan reverse repo, totals 600 billion yuan, maintaining a high level of mid-term liquidity for four consecutive months [3]. Group 2: Factors Influencing Liquidity - Three main factors contribute to the high level of mid-term liquidity: the issuance of 500 billion yuan in local government bonds, the completion of 500 billion yuan in new policy financial tools, and an increase in the maturity of interbank certificates of deposit [3]. - The PBOC aims to support liquidity in the banking system to counteract potential tightening, ensuring a stable and ample funding environment [4]. Group 3: Future Expectations - Experts anticipate that the PBOC will continue to utilize both reverse repos and MLF as tools to inject mid-term liquidity into the market [5]. - The central bank's commitment to maintaining a supportive monetary policy stance is expected to help stabilize growth and expectations [4]. - The PBOC is likely to maintain a loose quantity operation model through the end of the year, fostering a relatively stable and accommodative funding environment [6].