6000亿元！央行今日操作

Group 1 - The People's Bank of China (PBOC) will conduct a 600 billion MLF operation on February 25, 2026, to maintain liquidity in the banking system, marking the 12th consecutive month of increased MLF issuance [1] - In February, 300 billion MLF will mature, leading to a net liquidity injection of 900 billion, which is slightly lower than the previous month's 1 trillion, indicating a continued high level of net liquidity [1] - The average monthly net liquidity injection for mid-2025 was 4.134 trillion, highlighting the ongoing trend of substantial liquidity support [1] Group 2 - To ensure funding for major projects and stabilize macroeconomic operations, the new local government debt limit for 2026 has been set early, indicating continued fiscal efforts [2] - The completion of 500 billion new policy financial tools in October 2025, along with interest rate cuts and expansions in January 2026, is expected to lead to significant credit issuance in the first quarter of this year [2] - The PBOC's actions are aimed at supporting government bond issuance and stabilizing credit support from banks, signaling a continued supportive monetary policy stance [2]