Group 1 - The People's Bank of China (PBOC) announced a 1 trillion yuan reverse repo operation on September 5, aimed at maintaining ample liquidity in the banking system, with a term of 3 months (91 days) [1] - The operation aligns with market expectations, as 1 trillion yuan of 3-month reverse repos are set to mature on the same day, effectively continuing the same amount of reverse repos for the month [1] - In September, an additional 300 billion yuan of 6-month reverse repos are also due, with expectations for the PBOC to conduct another operation of this type, potentially increasing the amount [1] Group 2 - Analysts predict that the PBOC will continue the trend of increasing reverse repo operations to address tightening liquidity, with 300 billion yuan of Medium-term Lending Facility (MLF) also maturing in September [2] - The combined use of MLF and reverse repos is expected to inject medium-term liquidity into the market, stabilizing market expectations and supporting government bond issuance [2] - Looking ahead, there are expectations for a potential reserve requirement ratio (RRR) cut in the fourth quarter, along with a resumption of government bond trading, indicating a continued supportive monetary policy stance [2]
1万亿元买断式逆回购明日落地 机构预判后续还会加量
Di Yi Cai Jing·2025-09-04 13:56