央行宣布：4000亿元操作来了！

Core Viewpoint - The People's Bank of China (PBOC) will conduct a 400 billion MLF operation to maintain liquidity in the banking system, with a focus on optimizing market liquidity structure [2] Group 1: MLF Operations - On December 25, the PBOC will carry out a 400 billion MLF operation with a one-year term, increasing the amount by 100 billion compared to the 300 billion MLF maturing in December [2] - This operation is part of a continuous effort by the PBOC, marking the seventh consecutive month of net liquidity injection through MLF since the reserve requirement ratio (RRR) cut in May [3] Group 2: Economic Context and Future Outlook - The central economic work conference emphasizes the need for a moderately loose monetary policy, focusing on stabilizing economic growth and ensuring reasonable price recovery [3] - There is a possibility of a reserve requirement ratio cut in the first quarter of 2026, which could inject significant long-term liquidity into the market [3] - Future monetary policy will prioritize balancing short-term and long-term goals, supporting economic growth while managing risks associated with capital turnover and local government debt [4]