12月份MLF延续净投放 保持流动性充裕

Group 1 - The People's Bank of China (PBOC) announced a 400 billion MLF operation on December 25, 2025, to maintain ample liquidity in the banking system, marking the 10th consecutive month of increased MLF operations [1] - In December, 300 billion MLF is set to mature, resulting in a net injection of 100 billion after the PBOC's operation, alongside a net injection of 200 billion through reverse repos, leading to a total net liquidity injection of 300 billion for the month [1] - Analyst Wang Qing noted that the PBOC's actions aim to stabilize liquidity and support growth expectations as the year-end approaches [1] Group 2 - From August to November, the PBOC's monthly net liquidity injection through reverse repos and MLF was 600 billion, which decreased by 300 billion in December due to a decline in government bond net financing [2] - There is a possibility that the PBOC may implement a reserve requirement ratio (RRR) cut in Q1 2026 to inject larger amounts of long-term liquidity into the market [2] - The PBOC resumed government bond trading operations in October, with a net injection of 20 billion, which increased to 50 billion in November [2] Group 3 - Looking ahead to 2026, it is expected that the PBOC will utilize various liquidity tools to ensure stable and ample liquidity, which will support the smooth issuance of government bonds and encourage financial institutions to increase credit supply [2]