风口智库｜9000亿元！央行加码MLF操作，专家：春节前不急于降准

Core Viewpoint - The People's Bank of China (PBOC) is increasing medium-term funding injections to maintain liquidity in the banking system, with a significant MLF operation of 900 billion yuan scheduled for January 23, 2026, marking the 11th consecutive month of increased MLF operations [1][2]. Group 1: Monetary Policy Actions - The PBOC will conduct a 900 billion yuan MLF operation with a net injection of 700 billion yuan, which is equivalent to a reduction in the reserve requirement ratio (RRR) of 0.25 to 0.5 percentage points [1]. - The central bank's actions are aimed at meeting seasonal cash demands around the Spring Festival and countering liquidity disruptions from increased credit issuance and government bond sales [1][2]. - The recent MLF operation is part of a broader strategy to ensure adequate liquidity and support economic recovery, particularly in key sectors [3]. Group 2: Economic Context and Expectations - Analysts suggest that the increase in MLF operations is driven by the need to support major projects and the anticipated issuance of local government bonds in January 2026 [2]. - There is a market expectation for a potential reduction in the RRR, although the likelihood of such a move before the Spring Festival has decreased following the large-scale MLF injection [2][3]. - The PBOC's recent monetary policy measures signal a continued commitment to a moderately accommodative stance, aimed at bolstering economic recovery and supporting structural transformation [3].