12月份MLF延续净投放 分析称不排除一季度实施降准的可能

Group 1 - The People's Bank of China (PBOC) announced a 400 billion yuan MLF operation on December 25, 2025, to maintain liquidity in the banking system, marking the 10th consecutive month of increased MLF operations [1] - In December, 300 billion yuan of MLF is set to mature, resulting in a net injection of 100 billion yuan after the PBOC's operation [1] - The PBOC also conducted a net injection of 200 billion yuan through reverse repos in December, leading to a total net liquidity injection of 300 billion yuan for the month [1] Group 2 - The net injection scale of MLF and reverse repos decreased by 300 billion yuan in December compared to the previous months, which had a consistent net injection of 600 billion yuan from August to November [2] - Analysts suggest that the reduction may be due to a decrease in net financing of government bonds in December, with a possibility of a reserve requirement ratio cut in Q1 2026 to inject long-term liquidity [2] - The PBOC resumed government bond trading operations in October, with a net injection of 20 billion yuan, which increased to 50 billion yuan in November [2]