10000亿元，央行将出手

Group 1 - The People's Bank of China (PBOC) announced a 10,000 billion yuan reverse repurchase operation to maintain liquidity in the banking system, set to take place on September 5, with a term of 3 months (91 days) [1] - The reverse repurchase tool, officially launched in October 2024, allows the central bank to inject liquidity into the market by borrowing funds from primary dealers through the purchase of specific bonds [5] - The operation aims to stabilize market expectations and maintain ample liquidity, especially during a peak period for government bond issuance and significant maturity of interbank certificates of deposit [5][9] Group 2 - Analysts predict that the PBOC may implement a reserve requirement ratio (RRR) cut in the fourth quarter to support liquidity and encourage bank lending, indicating a continuation of supportive monetary policy [6] - The PBOC is expected to conduct additional reverse repurchase operations in September, including a potential 6-month term operation, to manage liquidity effectively [9] - A joint meeting between the Ministry of Finance and the PBOC emphasized the importance of coordinated fiscal and monetary policies to ensure the smooth operation of the bond market and support economic recovery [9]