央行打破惯例，首次预告买断式逆回购操作，释放了什么信号？

Core Viewpoint - The People's Bank of China (PBOC) announced a significant 1 trillion yuan buyout reverse repurchase operation to maintain liquidity in the banking system, breaking the previous convention of announcing such operations at the end of the month [1][2]. Group 1: Announcement Details - The PBOC's announcement on June 5 marks the first public tender for a buyout reverse repurchase operation, indicating a proactive approach to liquidity management [2]. - The operation involves a fixed amount and interest rate bidding, with a term of 3 months (91 days), differing from the traditional end-of-month announcements [1][2]. Group 2: Market Implications - Analysts suggest that the early announcement is likely aimed at stabilizing market expectations and ensuring sufficient liquidity, especially given the high volume of bank interbank certificates maturing in the coming months [2]. - The early disclosure of the operation amount is seen as a positive signal for market confidence, particularly as June is a month with increased liquidity demands due to half-year-end pressures [2]. Group 3: Comparison with Other Tools - The newly introduced buyout reverse repurchase tool shares similarities with the Medium-term Lending Facility (MLF) in terms of bidding methods and operational frequency, but it is designed for short-term liquidity management [2]. - Future operations may follow a similar pattern to MLF in terms of advance notice, but the specific characteristics of open market operations may lead to different practices [2].