Core Viewpoint - The People's Bank of China (PBOC) announced a 400 billion yuan medium-term lending facility (MLF) operation to maintain liquidity in the banking system, indicating a shift towards a moderately accommodative monetary policy [1] Group 1: Monetary Policy Actions - The PBOC will conduct a 400 billion yuan MLF operation on December 25, with a one-year term [1] - A total of 300 billion yuan MLF is set to mature this month, resulting in a net injection of 100 billion yuan for December, marking the tenth consecutive month of increased liquidity [1] - The PBOC has established a routine for medium to long-term funding injections, including monthly operations for different maturities [1] Group 2: Market Liquidity and Economic Support - Despite a reduction in the number of reserve requirement ratio (RRR) cuts compared to the previous year, market liquidity remains stable and ample [1] - The shift in monetary policy from "prudent" to "moderately accommodative" is aimed at enhancing counter-cyclical adjustments to support the annual economic growth target [1]
中国央行将开展4000亿元MLF操作
Zhong Guo Xin Wen Wang·2025-12-24 17:34