如何理解央行最新中期借贷便利操作

Core Viewpoint - The People's Bank of China (PBOC) is maintaining ample liquidity in the banking system through various monetary tools, including a 1 trillion yuan Medium-term Lending Facility (MLF) operation, which is expected to support economic stability and growth [1][2]. Group 1: MLF Operations - On November 25, the PBOC conducted a 1 trillion yuan MLF operation with a one-year term, marking a net injection of 100 billion yuan for November, continuing a trend of increased MLF operations for nine consecutive months [1]. - The total net liquidity injection for November reached 600 billion yuan, consistent with the previous month and representing a high level maintained for four months [1]. Group 2: Monetary Policy and Economic Support - The PBOC's actions, including MLF and reverse repos, are aimed at ensuring a stable and ample liquidity environment, which is crucial for encouraging financial institutions to increase credit supply [2]. - The central bank's supportive monetary policy is expected to contribute to stabilizing growth, expectations, and employment, while also enhancing the allocation of financial resources to key areas such as technological innovation and green development [2].