Group 1 - The People's Bank of China (PBOC) will conduct a 400 billion yuan Medium-term Lending Facility (MLF) operation on December 25, maintaining liquidity in the banking system [1] - The PBOC has established a monthly funding injection model, including 3-month and 6-month reverse repos, and 1-year MLF, with 300 billion yuan of MLF maturing in December [2] - The continuous net injection of MLF and reverse repos since 2025 has contributed to stable liquidity, supporting significant government bond issuance and an expected increase in social financing for the year [2] Group 2 - The Central Economic Work Conference emphasizes the need for a moderately loose monetary policy to stabilize economic growth and ensure reasonable price recovery, with flexible use of various policy tools [3] - In 2026, the PBOC is expected to continue using a combination of liquidity tools to maintain a stable and ample liquidity environment [3]
央行将开展4000亿元MLF 连续第10个月加量续作
Yang Guang Wang·2025-12-24 11:59