央行明日开展7000亿买断式逆回购，专家预判四季度或降准降息

Group 1 - The People's Bank of China (PBOC) announced a 700 billion yuan reverse repurchase operation to maintain liquidity in the banking system, with a term of 3 months (91 days) [1] - In August, there are 400 billion yuan of 3-month and 500 billion yuan of 6-month reverse repos maturing, indicating potential further operations to maintain liquidity [1][2] - The central government's push for accelerated issuance and utilization of government bonds is expected to keep liquidity conditions stable in August, despite some tightening pressures in the medium-term market [2] Group 2 - The PBOC is likely to continue using MLF and reverse repos to inject medium-term liquidity, supporting the ongoing government bond issuance peak [2] - The manufacturing PMI index has shown signs of contraction, indicating increased economic downward pressure, which may lead to potential rate cuts in the fourth quarter [2]