央行明日开展9000亿元MLF操作，连续11个月加量续做

Core Viewpoint - The People's Bank of China (PBOC) is set to continue increasing the medium-term lending facility (MLF) for the 11th consecutive month, indicating a sustained effort to inject liquidity into the banking system and support economic stability [1] Group 1: MLF Operations - The PBOC announced a 900 billion yuan MLF operation scheduled for January 23, 2026, with a one-year term, utilizing a fixed quantity and multi-price bidding method to maintain ample liquidity in the banking system [1] - In January, the PBOC conducted a net injection of 700 billion yuan through MLF, significantly higher than the previous month's net injection of 100 billion yuan, following the maturity of 200 billion yuan MLF [1] Group 2: Reverse Repo Operations - The PBOC also increased liquidity through reverse repos, with a continuation of the three-month reverse repo and an additional 300 billion yuan for the six-month reverse repo, marking the eighth consecutive month of liquidity injection via this method [1] - The total increase in reverse repo operations for January amounted to 300 billion yuan, contributing to the overall net liquidity provision in the market [1] Group 3: Future Liquidity Strategy - The PBOC has indicated plans to further enhance liquidity provision, employing a flexible combination of open market operations to ensure sufficient liquidity and guide overnight rates to remain close to policy rate levels [1]