MLF连续7个月加量续作！央行多工具护航跨季资金面

Core Viewpoint - The People's Bank of China (PBOC) has increased its medium-term liquidity injection, conducting a 600 billion yuan MLF operation on September 25, 2025, to alleviate liquidity pressure in the market [3][4][6]. Group 1: Liquidity Injection Measures - On September 25, the PBOC conducted a 600 billion yuan MLF operation, resulting in a net injection of 300 billion yuan after 300 billion yuan of MLF matured [3][6]. - The PBOC also executed a 4,835 billion yuan 7-day reverse repurchase operation on the same day, with an interest rate of 1.40% [3][6]. - Throughout September, the PBOC has maintained a consistent operation scale, conducting two buyout reverse repurchase operations totaling 300 billion yuan, matching the previous month's scale [3][5]. Group 2: Market Conditions and Responses - The week of September 22-26 saw a significant maturity of funds, totaling 21,268 billion yuan, with 18,268 billion yuan in reverse repos and 3,000 billion yuan in MLF, raising concerns about liquidity pressure [5][6]. - The PBOC's MLF operation on September 25 effectively alleviated market concerns regarding concentrated fund maturities, providing a stabilizing effect [6][8]. Group 3: Policy Considerations - The PBOC's ongoing liquidity injections are driven by multiple policy considerations, including the need to support government bond issuances and ensure sufficient credit availability for enterprises and households [7][10]. - Recent market conditions, including rising medium to long-term interest rates and tightening liquidity in the banking system, have prompted the PBOC to increase liquidity injections to stabilize market expectations [7][10]. Group 4: Adjustments to Operations - The PBOC has optimized its operational tools and timing to enhance the precision and effectiveness of liquidity management, particularly in anticipation of seasonal funding demands [11][12]. - The introduction of a new mechanism for the 14-day reverse repurchase operation aims to address liquidity needs around holidays and month-end, with a focus on maintaining market stability [12][13]. Group 5: Future Outlook - Experts predict that the PBOC will continue to adopt a supportive stance towards market liquidity, with manageable fluctuations in cross-quarter funding rates [15][16]. - The recent reforms in the 14-day reverse repurchase operation mechanism are expected to signal a more proactive approach to liquidity management, potentially leading to lower interest rates in the short term [15][16].