Wen Bin, chief economist at Minsheng Bank, pointed out that the current MLF has pledged a large amount of high-quality bond assets during liquidity injection, leading to a persistent liquidity shortage in China's interbank bond market. If a large amount of MLF is replaced through the repurchase operation tool, it will be possible to convert the frozen pledged bonds into publicly traded bonds in the open market, significantly enhancing the liquidity of China's interbank bond market. In terms of operational duration, the ongoing repurchase operation is set to mature at the end of February next year, which can smooth out fluctuations in funding during the year-end and Spring Festival holidays. The scale of cash injection and tax payments before the Spring Festival is generally large, leading to a significant liquidity gap. However, the repurchase operations conducted by the central bank in October and November can avoid the impact of the Spring Festival factors on liquidity. (Securities Times)