Today, the central bank continues with a reduced scale of 300 billion yuan MLF, with the winning bid rate maintained at 2%, significantly reducing from the maturity amount of 1.45 trillion yuan by 1.15 trillion yuan. Wang Qing, chief macro Analyst at Dongfang Jincheng, pointed out that the reduced operation is related to the central bank's early release of medium-term liquidity in November and recent easing of monetary conditions. Wang Qing expects that a rate cut is still possible before the end of the year, which will support the concentrated issuance of government Bonds and provide liquidity assurance for the "opening red" of Crediting in the first quarter of next year, while alleviating the funding pressure during the Spring Festival.