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 trillion yuan Medium-term Lending Facility (MLF) operation on November 25, 2023, to maintain ample liquidity in the banking system, marking the ninth consecutive month of increased MLF operations [1][4] Group 1: MLF Operations - The PBOC will conduct a 1 trillion yuan MLF operation with a one-year term, using a fixed quantity and multi-price bidding method [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][3] - The continuous increase in MLF aligns with market expectations, as the central government has arranged for 500 billion yuan in local government debt to address existing debt and boost effective investment [3][4] Group 2: Liquidity Support Measures - The PBOC has also conducted reverse repurchase operations of 700 billion yuan for three months and 800 billion yuan for six months, leading to a net injection of 500 billion yuan from reverse repos in November [3] - The total net liquidity injection for November, combining MLF and reverse repos, amounts to 600 billion yuan, maintaining a high level consistent with October [3][4] Group 3: Market Implications - The PBOC's actions are aimed at countering potential liquidity tightening, supporting government bond issuance, and encouraging financial institutions to increase credit supply [4] - The current monetary policy stance is supportive, with expectations of continued liquidity injections to stabilize growth and market expectations [4][5] - The weighted average interest rates for overnight and seven-day repurchase agreements show slight fluctuations, indicating ongoing market adjustments [4] Group 4: Future Monetary Policy Outlook - The PBOC plans to utilize both reverse repos and MLF to inject medium-term liquidity, although the scale of future operations may decrease from the current high levels [5] - Anticipated new policies aimed at stabilizing growth, including fiscal and monetary easing, are expected to be introduced before the year-end [5] - The overall liquidity stance is expected to remain accommodative, with a likelihood of continued supportive operations from the PBOC [5]