10000亿元，央行将出手！

Core Viewpoint - The People's Bank of China (PBOC) will conduct a 10 trillion yuan buyout reverse repurchase operation to maintain ample liquidity in the banking system, with a term of 3 months (91 days) starting from September 5, 2025 [1][6]. Group 1: Monetary Policy Actions - The buyout reverse repurchase tool was officially launched in October 2024, allowing the central bank to inject liquidity into the market by borrowing funds from primary dealers through the purchase of specific bonds [6]. - The PBOC's decision to inject 10 trillion yuan is aimed at stabilizing market expectations and ensuring sufficient liquidity, especially during a peak period for government bond issuance and a high volume of bank interbank certificates maturing [6][9]. - Analysts predict that the PBOC may implement a reserve requirement ratio (RRR) cut in the fourth quarter to further support liquidity and credit growth [7]. Group 2: Market Conditions and Implications - As of early September 2025, the PBOC has conducted multiple buyout reverse repurchase operations, indicating a proactive approach to liquidity management [6]. - The anticipated liquidity gap in September is expected to narrow compared to August, with limited disturbances from government bond supply, suggesting a supportive monetary policy stance [6][9]. - The PBOC is likely to continue using both MLF (Medium-term Lending Facility) and buyout reverse repurchase tools to inject medium-term liquidity into the market [9]. Group 3: Coordination of Policies - A recent meeting between the Ministry of Finance and the PBOC emphasized the importance of coordinating fiscal and monetary policies to address the current complex market environment and support economic recovery [9]. - The joint working group established between the two entities has been recognized for its effectiveness in promoting the smooth operation of the bond market and ensuring the implementation of fiscal and monetary policies [9].