12月份MLF延续净投放保持流动性充裕

Core Viewpoint - The People's Bank of China (PBOC) is maintaining liquidity in the banking system by conducting a 400 billion MLF operation, resulting in a net injection of 100 billion yuan for December, marking the 10th consecutive month of increased MLF operations [1] Group 1: MLF Operations - The PBOC will conduct a 400 billion yuan MLF operation with a one-year term on December 25, 2025, to ensure ample liquidity in the banking system [1] - In December, 300 billion yuan of MLF is set to mature, leading to a net liquidity injection of 100 billion yuan after the MLF operation [1] - The PBOC has also conducted a net injection of 200 billion yuan through reverse repos this month, resulting in a total net liquidity injection of 300 billion yuan for December [1] Group 2: Market Analysis - Analyst Wang Qing noted that the PBOC's actions are aimed at stabilizing the funding environment and supporting growth expectations as the year-end approaches [1] - The net injection scale for MLF and reverse repos from August to November was consistently 600 billion yuan per month, but this has been reduced by 300 billion yuan in December [1] - The reduction in net financing for government bonds in December may have influenced the PBOC's decision to decrease the injection scale [1] Group 3: Future Outlook - Citic Securities' chief economist Mingming indicated that despite the reduced net injection, the PBOC's approach to maintaining a moderately loose liquidity stance remains unchanged [2] - There is a possibility that the PBOC may increase the scale of government bond purchases to counter seasonal liquidity fluctuations at the end of the month [2] - Looking ahead to 2026, Wang Qing expects the PBOC to utilize various liquidity tools to inject short- to medium-term liquidity into the market, supporting government bond issuance and encouraging financial institutions to increase credit [2]