中国人民银行：12月中期流动性净投放3000亿

Core Viewpoint - The People's Bank of China (PBOC) conducted a 400 billion MLF operation in December, resulting in a net liquidity injection of 300 billion, indicating a continued commitment to maintaining a moderately loose liquidity stance despite a reduction in the scale of net injections compared to previous months [1] Group 1 - In December, the PBOC carried out a 400 billion yuan one-year MLF operation using a fixed quantity, interest rate bidding, and multiple price bidding methods [1] - A total of 300 billion yuan of MLF matured in December, leading to a net injection of 100 billion yuan, marking the tenth consecutive month of increased MLF operations [1] - The central bank also conducted a net injection of 200 billion yuan through reverse repos this month, bringing the total net liquidity injection for December to 300 billion yuan [1] Group 2 - The scale of net injections through reverse repos and MLF from August to November was consistently 600 billion yuan per month, which has now decreased by 300 billion yuan in December [1] - Analysts suggest that the reduction in net injection may be due to a decrease in the net financing scale of government bonds, with a possibility of a reserve requirement ratio (RRR) cut in the first quarter of 2026 to inject long-term liquidity [1] - Despite the reduction in net injection scale, the PBOC's approach to maintaining a moderately loose liquidity stance remains unchanged, considering the year-end funding pressures [1]