央行今日开展9000亿元MLF操作 加码呵护资金面平稳 市场预计短期内降准可能性不大

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a significant 900 billion MLF operation on January 23, 2026, with a net injection of 700 billion, indicating a substantial increase in mid-term liquidity support to stabilize the financial environment ahead of the Spring Festival [1][2][3]. Group 1: Liquidity Injection - The PBOC's January MLF operation will result in a net liquidity injection of 700 billion, significantly larger than the 200 billion maturing this month [1][2]. - The total mid-term liquidity net injection for January is projected to reach 1 trillion, marking a notable increase compared to previous months [1][2]. - Analysts expect the PBOC to continue enhancing liquidity measures to address potential tightening and ensure a stable financial environment [1][3]. Group 2: Market Reactions and Expectations - Market experts believe that the PBOC's actions are aimed at meeting the liquidity demands during the Spring Festival and countering the impact of increased credit issuance and government bond sales [2][3]. - The anticipated government bond issuance for the week is 706.6 billion, which is significantly higher than the previous week, indicating a potential strain on liquidity [4]. - There is a consensus that the likelihood of a reserve requirement ratio (RRR) cut before the Spring Festival is diminishing due to the substantial liquidity injection [5]. Group 3: Economic Context - The PBOC's liquidity measures are seen as a continuation of structural policy reforms aimed at supporting economic recovery and ensuring that financing costs remain low [5]. - The central bank's approach is designed to align the growth of social financing and money supply with economic growth and inflation expectations [5]. - Analysts highlight that the current economic recovery foundation needs to be solidified, and the PBOC's policies are intended to create a conducive monetary environment for long-term structural transformation [5].