央行官宣，10000亿元！

Core Viewpoint - The People's Bank of China (PBOC) will conduct a 1-year MLF operation of 1 trillion yuan to maintain ample liquidity in the banking system, marking the ninth consecutive month of increased MLF issuance [2][3]. Group 1: MLF Operations - The PBOC's announcement includes a fixed amount and interest rate bidding for the MLF operation, with a total of 1 trillion yuan set for November [2]. - With 900 billion yuan of MLF maturing this month, the net injection for November is 100 billion yuan, aligning with market expectations [2]. - The total net liquidity injection in mid-November reached 600 billion yuan, supported by an additional 500 billion yuan in reverse repos, indicating a high liquidity level for four consecutive months [2]. Group 2: Reasons for Increased Liquidity - The increase in liquidity is attributed to three main factors: the issuance of 500 billion yuan in local government bonds to address existing debt and boost effective investment, the completion of 500 billion yuan in new policy financial tools, and a significant rise in the maturity of interbank certificates of deposit [2][3]. - These factors are expected to tighten liquidity in the banking system, necessitating support from the PBOC [2]. Group 3: Future Monetary Policy Outlook - The PBOC's actions signal a continued supportive monetary policy stance aimed at stabilizing growth and expectations, with a focus on maintaining a stable and ample liquidity environment [3]. - Experts suggest that while there is still room for moderately loose monetary policy, the marginal effectiveness has decreased, leading to lowered expectations for significant rate cuts [3]. - The PBOC is expected to continue using MLF and reverse repos to inject medium-term liquidity, with potential adjustments in net liquidity injections anticipated towards the end of the year [3].