央行今日操作1万亿元MLF 维持市场流动性充裕

Group 1 - The People's Bank of China (PBOC) is set to conduct a 1 trillion yuan MLF operation on November 25, maintaining ample liquidity in the banking system [1] - This marks the ninth consecutive month of increased MLF operations, indicating a commitment to support economic growth and stabilize expectations [1] - In November, 900 billion yuan of MLF is maturing, resulting in a net injection of 100 billion yuan, aligning with market expectations [1] Group 2 - The central bank's actions are a response to recent macroeconomic downturns, signaling a continued supportive monetary policy stance [2] - Over the past six months, there has been a sustained net injection of liquidity, with November's net injection remaining high [2] - The PBOC has established a routine for liquidity injections, including 3-month and 6-month reverse repos, and 1-year MLF operations, contributing to a stable funding environment [2] Group 3 - The PBOC's liquidity support is crucial for maintaining a stable funding environment, aiding government bond issuance, and encouraging financial institutions to increase credit supply [2] - There is a possibility of a new round of reserve requirement ratio (RRR) cuts by the end of the year, in response to external and domestic economic conditions [2]