央行官宣：今日开展10000亿元MLF操作 期限为1年期

Core Viewpoint - The People's Bank of China (PBOC) will conduct a 1 trillion yuan MLF operation to maintain liquidity in the banking system, indicating a continued supportive monetary policy stance to stabilize growth and expectations [1][2]. Group 1: MLF Operations - On November 24, the PBOC announced a 1 trillion yuan MLF operation with a one-year term, following the maturity of 900 billion yuan in MLF this month, resulting in a net injection of 100 billion yuan for November [1]. - This marks the ninth consecutive month of increased MLF operations, aligning with market expectations [1]. Group 2: Liquidity Injection - The total net liquidity injection in November reached 600 billion yuan, supported by an additional 500 billion yuan in reverse repos, maintaining a high liquidity level for four consecutive months [1]. - Factors contributing to this liquidity support include the issuance of local government bonds and the completion of new policy financial instruments, which are expected to increase loan issuance [1][2]. Group 3: Monetary Policy Outlook - Analysts suggest that the PBOC's actions signal a commitment to maintaining a stable liquidity environment, which is crucial for government bond issuance and encouraging financial institutions to increase credit supply [2]. - There is an expectation that while there is still room for moderately loose monetary policy, the effectiveness of such measures may be diminishing, leading to a potential reduction in expectations for significant rate cuts [2].