★央行首度月初预告买断式逆回购 流动性调节机制持续优化

Group 1 - The People's Bank of China (PBOC) announced a 1 trillion yuan reverse repo operation on June 5, breaking the previous practice of announcing such operations at the end of the month, which has attracted significant market attention [1][2] - The operation will be conducted with a fixed amount and interest rate, using a multi-price bidding method, with a term of 3 months (91 days) [1] - The total scale of reverse repos maturing in June is 1.2 trillion yuan, indicating a net withdrawal of 200 billion yuan if only the June 6 operation is considered [2] Group 2 - The PBOC's early announcement and the use of structural tools are aimed at stabilizing market expectations and enhancing the transmission of policy signals, especially in the context of high maturity of interbank certificates of deposit [2][3] - The central bank's actions are intended to maintain ample liquidity in the banking system and control fluctuations in the money market, thereby supporting credit growth to the real economy [3] - The PBOC has also established a new section on its website to disclose the operation details of various monetary policy tools, enhancing transparency and communication with the market [4] Group 3 - In May, the PBOC's net liquidity injection through various tools included a 1 trillion yuan reduction in reserve requirements and a net injection of 375 billion yuan through medium-term lending facilities (MLF) [4] - The overall long-term liquidity supply exceeded 1 trillion yuan in May, alleviating liquidity pressure from the concentrated issuance of government bonds [4] - The pressure for government bond issuance in June is expected to be lower than in May, with MLF likely to continue net injections [5]