1万亿元！央行：明日操作！

Core Viewpoint - The People's Bank of China (PBOC) is taking measures to maintain liquidity in the banking system by conducting a 1 trillion yuan Medium-term Lending Facility (MLF) operation, marking the ninth consecutive month of increased MLF issuance [1][2]. Group 1: MLF Operations - On November 25, the PBOC will conduct a 1 trillion yuan MLF operation with a one-year term, responding to the maturity of 900 billion yuan MLF in November, resulting in a net MLF injection of 1000 billion yuan for the month [1]. - The MLF operations are aimed at addressing potential liquidity tightening, especially with the increase in government bond issuance and the maturity of bank interbank certificates of deposit [1][2]. - Since March, the MLF has adopted a fixed quantity, interest rate bidding, and multiple price bidding method, which better meets the differentiated funding needs of various institutions [2]. Group 2: Monetary Policy Tools - The PBOC has also conducted two rounds of reverse repurchase operations in November, resulting in a total net injection of 500 billion yuan, indicating a continued moderate easing monetary policy stance [2]. - The combined effect of MLF and reverse repurchase operations in November has released a total of 600 billion yuan in medium-term liquidity, maintaining the same net injection scale as the previous month [2]. - The PBOC is expected to continue using both reverse repurchase and MLF tools to inject medium-term liquidity into the market, especially in light of recent macroeconomic fluctuations [3].