同业存单迎到期高峰，央行万亿操作缓解资金压力

Group 1 - The central bank's announcement of a large-scale reverse repurchase operation at the beginning of June is aimed at alleviating market concerns regarding the upcoming maturity of 4.2 trillion yuan in interbank certificates of deposit (CDs) [1][2][3] - The operation involves a 1 trillion yuan reverse repurchase agreement with a term of three months, which is expected to enhance liquidity in the banking system [2][4] - Analysts believe that the central bank's proactive measures are intended to stabilize market confidence and prevent liquidity tightening, especially with significant CD maturities approaching [3][6] Group 2 - The weighted average issuance rate of interbank CDs has shown initial signs of decline, with a drop from 1.82% to 1.80% recently, indicating a potential easing of market pressures [3][4] - The upcoming week is critical for observing the performance of the interbank CD market, as over 1.2 trillion yuan in CDs will mature, marking the largest single-week maturity volume in history [7] - Despite the pressures from maturing CDs, factors such as increased fiscal spending and seasonal inflows of wealth management funds may help mitigate the outflow of bank deposits [7][8] Group 3 - The central bank's liquidity management strategy may involve increasing medium-term lending facility (MLF) operations to offset the impact of maturing reverse repos, indicating a flexible approach to maintaining liquidity [8] - The market is expected to experience fluctuations due to various factors, including tax payment periods and the maturity of approximately 930 billion yuan in reverse repos [8] - The central bank's clear stance on liquidity support suggests that the funding environment is likely to remain stable despite the anticipated disturbances [8]