MLF shrinkage continues to 300 billion Wang Qing: RRR cut window still exists, helping government bond issuance

On December 25th, today, the central bank continued to do 300 billion yuan MLF, win the bidding interest rate to maintain 2%, compared with the maturity of 1.45 trillion yuan, a significant reduction of 1.15 trillion yuan. Wang Qing, chief macro analyst at Oriental Jincheng, pointed out that the reduction operation is related to the early release of medium-term liquidity by the central bank in November and the recent easing of funds. < b > Wang Qing expects that the RRR cut is still possible before the end of the year. On the one hand, it supports the centralized issuance of government bonds, and on the other hand provides liquidity protection for the credit "good start" in the first quarter of next year, while alleviating the financial pressure during the Spring Festival.