央行将开展1万亿元买断式逆回购 为何打破月末公布惯例

Core Viewpoint - The People's Bank of China (PBOC) announced a significant operation of 1 trillion yuan in reverse repos to enhance market liquidity and stabilize financial markets, breaking the traditional end-of-month announcement pattern [1][2]. Group 1: Reverse Repo Operations - On June 6, the PBOC will conduct a 500 billion yuan reverse repo operation with a 3-month term, following the maturity of 500 billion yuan in 3-month and 700 billion yuan in 6-month reverse repos in June [1]. - The early announcement of the reverse repo operation is intended to maintain ample liquidity in the banking system, especially as the demand for funds typically increases in June [2][3]. - The PBOC's move to implement reverse repos is seen as a response to the high volume of bank interbank certificates maturing, aiming to control fluctuations in the money market [2]. Group 2: Monetary Policy Implications - The current high level of the Medium-term Lending Facility (MLF) interest rate has led to a decrease in financial institutions' demand for MLF, prompting the PBOC to use reverse repos as a substitute to lower funding costs [3]. - It is anticipated that the PBOC will continue to reduce the scale of MLF operations, with a consistent decline in its balance [4]. - The PBOC is expected to utilize various monetary policy tools, including reverse repos and MLF, to ensure sustained liquidity in the banking system, which is crucial for enhancing credit availability for enterprises and households [4][5].