央行：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 repo operation on September 5, 2023, to address liquidity tightening in the market [2]. Group 1: Monetary Policy Actions - On September 5, 1 trillion yuan of 3-month reverse repos will mature, prompting the PBOC to conduct an equivalent operation, indicating a continuation of the previous month's policy [2]. - An additional 300 billion yuan of 6-month reverse repos is set to mature in September, with expectations for another operation, potentially with increased amounts [2]. Group 2: Market Conditions - The government bond issuance is expected to peak in September, necessitating liquidity support from the PBOC [2]. - The maturity of interbank certificates of deposit is projected to reach 3.5 trillion yuan, the second-highest level this year, contributing to liquidity pressures [2]. - The strengthening stock market has led to a noticeable "funds migration" from residents' deposits, further tightening liquidity conditions [2]. Group 3: Future Expectations - The PBOC is likely to continue using both MLF and reverse repo tools to inject medium-term liquidity into the market, aiming to stabilize market expectations and ensure ample liquidity [2]. - This approach signals a sustained supportive stance in monetary policy, reinforcing the commitment to maintain liquidity for government bond issuance [2].