央行今日开展1万亿MLF操作 年内降准降息预期减弱

Core Viewpoint - The People's Bank of China (PBOC) has conducted a 1 trillion yuan Medium-term Lending Facility (MLF) operation, indicating a proactive approach to maintain liquidity in the banking system amid potential tightening [1][2][3]. Group 1: MLF Operations - The PBOC's 1 trillion yuan MLF operation marks the ninth consecutive month of increased MLF issuance, with a total net injection of 600 billion yuan in November, maintaining a high level of liquidity [2][3]. - The MLF operation is aimed at countering the expected liquidity tightening, ensuring that the funding environment remains stable and abundant [1][3][4]. Group 2: Market Expectations - Following the MLF operation, market expectations for interest rate cuts and reserve requirement ratio (RRR) reductions have diminished [1][5]. - Analysts suggest that the PBOC will continue to utilize MLF and reverse repos to inject liquidity, signaling a sustained supportive monetary policy stance [6][8]. Group 3: Economic Context - The ongoing liquidity support is seen as essential for facilitating government bond issuance and encouraging financial institutions to increase credit supply, especially in light of recent economic downturns [3][4][8]. - The anticipated issuance of additional local government bonds and the completion of new policy financial instruments are expected to further influence liquidity dynamics in the banking system [3][4].