人民银行开展2665亿元逆回购

Core Viewpoint - The People's Bank of China (PBOC) has conducted a 7-day reverse repurchase operation amounting to 266.5 billion yuan, maintaining liquidity in the market amid economic fluctuations [1] Group 1: Monetary Policy Actions - The PBOC executed a fixed-rate, quantity tender operation for 266.5 billion yuan with a bid and winning amount of 266.5 billion yuan at an interest rate of 1.40% [1] - On the same day, 112 billion yuan of 7-day reverse repos matured, resulting in a net injection of 154.5 billion yuan [1] - The PBOC has introduced a new tool called the "buyout reverse repo" in October 2024, allowing for additional medium to long-term fund injections based on the demand from primary dealers [1] Group 2: Economic Outlook and Predictions - According to Wang Qing, Chief Macro Analyst at Dongfang Jincheng, the likelihood of a reserve requirement ratio (RRR) cut in the short term is low, with the PBOC more likely to use MLF (Medium-term Lending Facility) and buyout reverse repos to maintain ample market liquidity [1] - In the first half of the year, the PBOC intensified counter-cyclical adjustments, announcing a comprehensive monetary policy package in May that was fully implemented within a month, effectively boosting confidence and stabilizing expectations [1]