Group 1 - The People's Bank of China (PBOC) will conduct a 400 billion MLF operation on December 25, 2025, to maintain liquidity in the banking system, with a net injection of 10 billion in December [1][2] - In 2025, the net MLF injection is projected to be 1.161 trillion yuan, contrasting with a net withdrawal of 198.6 billion yuan in 2024 [3][4] - The PBOC's liquidity support is crucial as the net financing scale of government bonds has decreased, and there is an expectation of a potential reserve requirement ratio (RRR) cut in Q1 2026 [2][4] Group 2 - The combination of MLF and reverse repos has resulted in a total net liquidity injection of 4.961 trillion yuan since the beginning of 2025, supporting a stable market environment [4] - The PBOC's monetary policy has shifted from "prudent" to "moderately accommodative," with an expected increase in new social financing by approximately 3.7 trillion yuan compared to the previous year [4] - The central economic work conference emphasizes maintaining ample liquidity, indicating that the PBOC's approach to liquidity management remains unchanged [4]
全年MLF净投放超万亿，中期流动性投放规模显著扩容
Di Yi Cai Jing·2025-12-25 04:11