央行宣布，6000亿元！

Core Viewpoint - The People's Bank of China (PBOC) will conduct a 600 billion MLF operation to maintain liquidity in the banking system, marking the 12th consecutive month of increased MLF issuance [1][2]. Group 1: MLF Operations - On February 25, 2026, the PBOC will conduct a 600 billion yuan MLF operation with a one-year term, following the maturity of 300 billion yuan MLF in February, resulting in a net increase of 300 billion yuan [1]. - The total net liquidity injection for February, including 600 billion yuan from reverse repos, will reach 900 billion yuan, continuing a trend of high net liquidity injection for 10 consecutive months [1]. Group 2: Economic Analysis - Dong Ximiao, Chief Economist at Zhongan, indicates that February is a month with concentrated bank credit issuance, reflecting strong market demand for liquidity, exacerbated by the Spring Festival holiday and tax payment delays [1]. - Wang Qing, Chief Macro Analyst at Dongfang Jincheng, suggests that the PBOC's actions to increase MLF issuance signal a supportive monetary policy stance, reducing the likelihood of a rate cut in the short term [2]. - Continuous MLF and reverse repo operations by the PBOC are aimed at maintaining market liquidity and ensuring stable financial market operations at the year's end [2].