In order to maintain the reasonable and abundant liquidity of the banking system, on November 15, the people's Bank of China carried out RMB 100 billion medium-term lending facility (MLF) (including the renewal of MLF due twice on November 16 and 30) and RMB 10 billion reverse repurchase, which fully met the capital needs of financial institutions. The bid winning interest rates are 2.20% and 2.95% respectively. In the short term, as only 100 billion yuan of the central bank's reverse repurchase expired on the 15th, the open market operation on Monday achieved a net investment of 910 billion yuan. In this regard, industry experts said that the 15th is the routine payment standard date and the deadline for tax declaration in November. This operation not only realizes the renewal of MLF due in the whole month, but also forms a short-term investment effect due to the early operation, which can hedge the payment standard and tax payment to a considerable extent. It is worth mentioning that this month is the third consecutive month for MLF to implement equal continuation. This time, the central bank cooperated with MLF continuation and reverse repo rolling operation, and stressed that it "fully met the needs of financial institutions", which further reflected the attitude of maintaining reasonable and abundant liquidity. Since November 3, the central bank has intensified its reverse repo operation, with stable market expectations and loose capital. In the view of market participants, in the coming period, structural monetary policy may play a "leading role", and open market operation will play an important role in ironing out short-term liquidity fluctuations. It is still necessary to reduce the reserve requirement, but it needs a trigger, and we can't expect too much for interest rate reduction. On the whole, the steady orientation of monetary policy remains unchanged. (outlook new era)