万亿买断式逆回购明日注入市场，数量型政策工具持续加力

Core Viewpoint - The central bank is set to conduct a 1 trillion yuan reverse repurchase operation, indicating a proactive approach to manage liquidity in response to various market conditions [1] Group 1: Reasons for the Central Bank's Actions - The government bond issuance is expected to peak in September, necessitating liquidity support [1] - The maturity of commercial bank interbank certificates of deposit will reach 3.5 trillion yuan, marking the second-highest level this year [1] - The strong performance of the stock market has led to a noticeable "migration" of household deposits, contributing to a tightening effect on liquidity [1] Group 2: Expected Monetary Policy Actions - The central bank is likely to continue the previous three months' pattern of increasing reverse repurchase operations to address tightening liquidity [1] - An additional 300 billion yuan of Medium-term Lending Facility (MLF) is set to mature in September, with expectations for increased rollovers [1] - The combined use of MLF and reverse repurchase policy tools will inject medium-term liquidity into the market, stabilizing market expectations and supporting government bond issuance [1]