数量型政策工具持续加力！人民银行连续第九个月加量续作MLF

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 1-year Medium-term Lending Facility (MLF) operation of 1 trillion yuan on November 25, 2025, to maintain ample liquidity in the banking system, marking the ninth consecutive month of increased MLF operations [1][3]. Summary by Sections MLF Operations - On November 24, the PBOC announced a 1 trillion yuan MLF operation, with a fixed amount and interest rate bidding, to be conducted on November 25, 2025 [1]. - In November, 900 billion yuan of MLF is set to mature, resulting in a net MLF injection of 100 billion yuan for the month [1]. Liquidity Measures - The PBOC also conducted 700 billion yuan and 800 billion yuan reverse repos on November 5 and November 17, respectively, leading to a net liquidity injection of 600 billion yuan for November [3]. - The total net liquidity injection for November, combining MLF and reverse repos, remains at a high level, consistent with October's figures [3]. Economic Context - The increase in MLF aligns with market expectations, as the central government plans to issue additional local government bonds to address existing debt and stimulate effective investment [3]. - The PBOC's actions are seen as necessary to support liquidity in response to potential tightening in the banking system [4]. Future Monetary Policy - The PBOC aims to maintain a supportive monetary policy stance, with expectations of continued liquidity injections through MLF and reverse repos, although the scale may decrease from the current high levels [5]. - Upcoming policies may include a new round of fiscal and monetary measures to stabilize economic growth and support the real estate market [5].