中国央行开展10000亿元MLF操作

Core Viewpoint - The People's Bank of China (PBOC) conducted a medium-term lending facility (MLF) operation of 1 trillion yuan, indicating a net injection of 100 billion yuan, marking the ninth consecutive month of increased MLF operations [1] Group 1: MLF Operation Details - The PBOC's MLF operation was conducted using a fixed quantity, interest rate bidding, and multiple price levels [1] - The operation has a term of one year, with 900 billion yuan of MLF maturing this month, resulting in a net injection of 100 billion yuan [1] Group 2: Reasons for Continued High Net Injection - The high net injection in November is attributed to three main factors: 1. The central government arranged for 500 billion yuan of local government debt to address existing debt and expand effective investment, leading to an increase in net financing of government bonds [1] 2. The completion of 500 billion yuan in new policy financial tools in October, which boosted entrusted loans and is expected to drive the rapid issuance of matching medium- and long-term loans [1] 3. A significant increase in the maturity volume of interbank certificates of deposit in November [1] Group 3: Implications for Monetary Policy - The PBOC's continued MLF operations signal a sustained supportive stance in monetary policy, which is expected to maintain ample liquidity in the banking system, support government bond issuance, and stabilize market expectations [1]