Group 1 - The People's Bank of China (PBOC) will conduct a 400 billion MLF operation on December 25 to maintain liquidity in the banking system, with a one-year term [1] - In December, the MLF maintained excess rollover, with a net injection of 100 billion, contributing to a total mid-term liquidity release of 300 billion [1] - The net liquidity injection in December decreased by 300 billion compared to the previous month, indicating a tightening of liquidity in the banking system [1] Group 2 - The PBOC's method of short-term liquidity injection has become fixed, with operations scheduled around the 5th, 15th, and 25th of each month [2] - In 2025, the PBOC's net MLF injection was 11.61 trillion, while in 2024, the net injection was -19.86 trillion [3] - The combination of policy tools has supported stable market operations, with a total net liquidity injection of 49.61 trillion since 2025 [4] Group 3 - The central economic work conference emphasized maintaining ample liquidity, with expectations of increased government bond purchases to counter seasonal liquidity fluctuations [5]
全年MLF净投放超万亿 中期流动性投放规模显著扩容
Sou Hu Cai Jing·2025-12-25 17:38