9000亿元！央行连续八个月加量续作！

Core Viewpoint - The People's Bank of China (PBOC) is set to inject 900 billion yuan through a Medium-term Lending Facility (MLF) operation on October 27, marking the eighth consecutive month of increased MLF operations to maintain liquidity in the banking system [1][3]. Group 1: MLF Operations - The PBOC will conduct the MLF operation with a fixed amount and interest rate bidding, with a one-year term [1]. - In October, 700 billion yuan of MLF is maturing, resulting in a net injection of 200 billion yuan for the month [1]. - The MLF has transitioned back to a liquidity provision tool since March, with a focus on maintaining ample liquidity and stabilizing expectations for financial institutions [3]. Group 2: Market Liquidity Tools - The PBOC has also conducted two reverse repos in October, resulting in a total net injection of 400 billion yuan [3]. - Combined, the MLF and reverse repos have released 600 billion yuan of medium-term liquidity in October, consistent with the previous month [3]. - The PBOC is expected to continue using both reverse repos and MLF to inject liquidity into the market [4]. Group 3: Bidding Mechanism Improvements - The MLF bidding mechanism has been improved, allowing for pre-announcement of bidding results, which helps institutions prepare for liquidity needs [3]. - The multi-price bidding method allows institutions to determine bidding rates based on demand, enhancing market-driven pricing capabilities [3].