央行二度出手后，买断式逆回购实现净投放，MLF或将跟上

Core Viewpoint - The People's Bank of China (PBOC) has announced a significant increase in liquidity operations through a buyout reverse repurchase agreement, indicating a proactive approach to maintain ample liquidity in the banking system amid high demand due to upcoming financial obligations [3][4]. Group 1: Liquidity Operations - On June 16, the PBOC will conduct a buyout reverse repurchase operation of 400 billion yuan with a six-month term, marking the second such announcement within a month [1][3]. - The PBOC has been active in reverse repurchase operations for nine consecutive months, with amounts ranging from 500 billion to 1.7 trillion yuan, reflecting a shift in the timing of disclosures from month-end to earlier announcements [3][4]. - The liquidity demand in June is heightened due to a record 4.2 trillion yuan in interbank certificates of deposit maturing, with significant amounts due in the first half of the month [3][4]. Group 2: Market Impact and Policy Signals - The increase in buyout reverse repurchase operations is aimed at stabilizing the banking system's liquidity during a peak period of government bond issuance and maturing interbank certificates [4]. - The PBOC's actions signal a commitment to using quantitative monetary policy tools to support credit expansion and enhance counter-cyclical adjustments [4]. - Recent data shows that overnight funding rates have stabilized around 1.4%, with the seven-day funding rate between 1.5% and 1.65%, indicating a controlled liquidity environment [5]. Group 3: Future Expectations - Analysts expect that the liquidity fluctuations at the end of the quarter will be manageable, with the PBOC likely to continue utilizing various monetary policy tools to ensure reasonable liquidity across different maturities [5]. - The anticipated government bond issuance pressure in June is expected to be lower than in May, suggesting a balanced approach to managing liquidity and maturing monetary policy tools [5].