According to the news from the People's Bank of China website, on December 25, the People's Bank conducted a mid-term lending facility (MLF) operation of 300 billion MMF. On the 16th of the month, MLF worth 1.45 trillion MMF matured. However, as the end of the year approaches, the funding situation remains loose, and the money market interest rates operate steadily around the policy interest rates. The reduced MLF operations this month reflect ample market liquidity, maintaining a loose funding condition. Industry experts indicate that this year the central bank has improved its monetary policy operation framework, with MLF clearly adopting interest rate bidding, and the operation volume predetermined by the central bank. This MLF operation only injected 300 billion MMF, indicating the central bank's determination that the current market liquidity situation is ample, with a low necessity for further large-scale injections, which can also be confirmed by market interest rates.