规模一万亿元 央行首次“预告”买断式逆回购操作

Group 1 - The People's Bank of China (PBOC) announced a 1 trillion yuan reverse repurchase operation on June 6, 2024, to maintain liquidity in the banking system, marking a significant monetary policy tool introduction [1] - The reverse repurchase operation will be conducted using a fixed quantity, interest rate bidding, and multiple price levels, with eligible collateral including government bonds, local government bonds, financial bonds, and corporate credit bonds [1] - Since October 2024, the PBOC has conducted reverse repurchase operations for eight consecutive months, with operation sizes ranging from several hundred billion to over 1 trillion yuan [1] Group 2 - The early announcement of a large-scale reverse repurchase operation by the PBOC is seen as a response to the high volume of bank interbank certificates maturing in recent months, aimed at stabilizing market expectations and maintaining liquidity [2] - In June, there are 500 billion yuan of 3-month and 700 billion yuan of 6-month reverse repos maturing, indicating that the PBOC's actions are part of a broader strategy to support credit growth and government bond issuance [2] - The timing of the reverse repurchase operation is intended to help financial institutions manage their liquidity needs effectively, especially during a month typically characterized by high credit demand [3]