央行8月15日将开展5000亿买断式逆回购操作

Core Viewpoint - The People's Bank of China (PBOC) is injecting medium to long-term funds into the banking system through reverse repurchase operations to maintain liquidity [1] Group 1: Reverse Repo Operations - On August 15, 2025, the PBOC will conduct a reverse repo operation of 500 billion yuan with a term of 6 months (182 days) [1] - This operation marks the second reverse repo conducted by the PBOC in August [1] - On August 8, the PBOC conducted a reverse repo operation of 700 billion yuan with a term of 3 months (91 days) [1] Group 2: Liquidity Injection - Through the two reverse repo operations in August, the PBOC has injected a total of 1.2 trillion yuan in medium to long-term funds, achieving a net injection of 300 billion yuan [1] - A total of 900 billion yuan in reverse repos is set to mature in August [1] Group 3: Ongoing Liquidity Management - Following a reserve requirement ratio cut in May, the PBOC has continued to conduct medium-term lending facilities and reverse repo operations, maintaining a net injection of liquidity [1] - Since June, the PBOC has conducted reverse repo operations with an average of 1.4 trillion yuan per month in June and July [1] Group 4: Future Operations - To maintain reasonable liquidity in the banking system and enhance the PBOC's monetary policy toolkit, the PBOC will utilize the reverse repo operation tool starting in October 2024 [1] - The operations will target primary dealers in the open market and will generally be conducted once a month, with a term not exceeding 1 year [1]