7000亿元！明日操作

Group 1 - The People's Bank of China (PBOC) will conduct a 700 billion yuan reverse repurchase operation on August 8, 2025, to maintain ample liquidity in the banking system, with a term of 3 months (91 days) [1] - In August, there are 4 trillion yuan of 3-month and 5 trillion yuan of 6-month reverse repos maturing, indicating that the PBOC may conduct another 6-month reverse repo operation within the month [6] - The PBOC aims to inject medium-term liquidity through MLF and reverse repos, supporting the ongoing issuance of government bonds and promoting credit expansion [6][7] Group 2 - The PBOC's recent meeting emphasized the continuation of a moderately accommodative monetary policy, utilizing various tools to ensure liquidity and align credit growth with economic and price expectations [7] - The introduction of the buyout reverse repo in October 2024 has enriched the PBOC's monetary policy toolkit, with operations primarily targeting primary dealers in the open market [7] - The buyout reverse repo is expected to play a more significant role in liquidity management as it matures, potentially reducing the influence of MLF on medium-term liquidity [8]