为保持银行体系流动性充裕 央行开展1万亿元买断式逆回购操作

Group 1 - The People's Bank of China (PBOC) announced a large-scale reverse repurchase operation of 1 trillion yuan for a 3-month term, breaking the usual practice of announcing such operations at the end of the month [1] - The operation aims to maintain ample liquidity in the banking system and stabilize market expectations, particularly in light of the high volume of bank interbank certificates maturing in recent months [1][2] - In May, the PBOC conducted a total of 700 billion yuan in reverse repurchase operations, resulting in a net withdrawal of 200 billion yuan due to maturing operations [2] Group 2 - Analysts expect the PBOC to continue using various liquidity management tools, including reverse repos and medium-term lending facilities (MLF), to support credit growth and government bond issuance [3] - The current focus is on encouraging banks to increase lending to the real economy, which is essential for reducing financing costs for businesses and households [3]