Core Viewpoint - The latest C50 Wind Direction Index survey indicates that despite potential liquidity pressure in January due to government debt repayments, credit issuance, and cash withdrawals for the Spring Festival, interbank liquidity is expected to remain relatively loose under the central bank's support [1] Group 1: Liquidity Outlook - In a survey of 20 market institutions, 3 believe there is essentially no liquidity gap, while 15 think the overall funding pressure is manageable, estimating a liquidity gap of around 1 trillion yuan [1] - Only 2 institutions view the situation as neutrally tightening, predicting a liquidity gap exceeding 2 trillion yuan [1] Group 2: Policy Tools and Fiscal Focus - Looking ahead to 2026, multiple market participants anticipate that the first quarter will see a path of easing through reserve requirement ratio cuts and structural interest rate reductions [1] - The expectation is that the central bank will continue small net injections through reverse repos and MLF, with a shift in fiscal focus from total volume increases to structural efficiency enhancements [1] - The pace of central bank easing is likely to align with fiscal efforts [1]
财联社C50风向指数调查：MLF与买断式逆回购或延续小额净投放 财政重心从总量加码向结构增效转型
Xin Lang Cai Jing·2026-01-08 04:35