打破惯例、加强预期管理 央行“预告”万亿公开市场操作

Core Viewpoint - The People's Bank of China (PBOC) has announced a significant liquidity injection through a 10 trillion yuan buyout reverse repurchase operation, marking a departure from its usual end-of-month announcements, indicating a proactive approach to maintaining liquidity in the banking system [1][2]. Group 1: Announcement Details - On June 5, 2025, the PBOC released a notice about a 10 trillion yuan buyout reverse repurchase operation scheduled for June 6, with a term of 3 months (91 days) [1]. - This operation is part of a new monetary policy tool introduced in October 2024, allowing the PBOC to actively lend funds by purchasing bonds from primary dealers [2]. - The announcement is the first of its kind, as the PBOC typically discloses such operations at the end of the month [2]. Group 2: Market Implications - The early announcement is believed to be a response to the high volume of bank interbank certificates maturing, which helps maintain a stable liquidity environment and control market expectations [2][3]. - The PBOC's actions are aimed at encouraging banks to increase credit to the real economy and support government bond issuance, reinforcing the ongoing process of credit easing [3]. Group 3: Future Operations - Analysts expect the PBOC to continue using a combination of buyout reverse repos, medium-term lending facilities (MLF), and other liquidity management tools to ensure a stable liquidity environment [4][5]. - The buyout reverse repo tool complements existing liquidity tools by filling the gap for operations with terms ranging from 1 month to 1 year, thus enhancing the overall liquidity management framework [4].