央行：将于9月5日开展10000亿元买断式逆回购

Core Viewpoint - The People's Bank of China (PBOC) is expected to conduct a 1 trillion yuan reverse repurchase operation on September 5, 2023, to address liquidity tightening in the market [3]. Group 1: Monetary Policy Actions - On September 5, 1 trillion yuan of 3-month reverse repos will mature, leading to an equivalent operation by the PBOC [3]. - An additional 300 billion yuan of 6-month reverse repos is also set to mature in September, with expectations for another operation of this type, potentially with increased amounts [3]. Group 2: Market Conditions - The month of September will see a peak in government bond issuance, contributing to the need for liquidity support [3]. - The total maturity of interbank certificates of deposit for commercial banks in September is projected to reach 3.5 trillion yuan, marking the second-highest level this year [3]. - A noticeable "funds migration" phenomenon is occurring due to a strong stock market, which may tighten liquidity conditions [3]. Group 3: Future Expectations - The PBOC is likely to continue the trend of increasing reverse repo operations to counteract liquidity tightening, maintaining a supportive monetary policy stance [3]. - The central bank may also utilize Medium-term Lending Facility (MLF) operations, with 300 billion yuan of MLF maturing in September, indicating a comprehensive approach to injecting medium-term liquidity into the market [3].