罕见！央行，再出手

Core Viewpoint - The People's Bank of China (PBOC) is implementing a series of monetary policy measures to ensure sufficient liquidity in the banking system, particularly in June, which is a critical period for liquidity assessment due to the maturity of interbank certificates of deposit and other factors [1][6]. Group 1: Monetary Policy Actions - On June 16, 2025, the PBOC will conduct a 400 billion yuan reverse repurchase operation with a six-month term to maintain liquidity [1]. - In June, the PBOC has conducted a total of 1.4 trillion yuan in reverse repurchase operations, including a 1 trillion yuan operation on June 6 [4][7]. - The PBOC's early announcement of reverse repurchase operations in June is aimed at creating a stable liquidity environment for the month [6]. Group 2: Market Impact and Expectations - The net injection of liquidity in June is expected to be 200 billion yuan, with 500 billion yuan from three-month reverse repos and 300 billion yuan from six-month reverse repos [7]. - Analysts predict that the government's bond issuance pressure in June may be lower than in May, but the PBOC will continue to provide liquidity support through various tools [7][8]. - The PBOC's recent measures, including interest rate cuts and structural monetary policy tools, are anticipated to enhance credit availability for enterprises and households, thereby reducing financing costs in the real economy [8]. Group 3: Transparency and Policy Communication - The PBOC has increased the transparency of its monetary policy operations by releasing an operational status table for various tools, which helps stabilize market expectations [6][7]. - The shift from announcing operations at the end of the month to early announcements reflects a more proactive approach to liquidity management [6].