PBOC to Conduct 700B Yuan 1-Year MLF Operation on Oct 26

The size and one-year tenor signal the PBOC's continued preference for steady, longer-dated liquidity support rather than aggressive easing, which matters for how banks and rate-sensitive sectors read the policy stance. The multiple-price allotment format leaves the resulting rate as the real information content here, since it hints at where the central bank is comfortable anchoring funding costs. Whether this operation is followed by comparable rollovers in subsequent months is the open question for gauging the durability of the ample-liquidity posture.