央行出手：10000亿元！今日注入市场

Core Viewpoint - The People's Bank of China (PBOC) conducted a 1 trillion yuan buyout reverse repurchase operation to maintain liquidity in the banking system, indicating a continuation of supportive monetary policy amid tightening liquidity conditions [1][6]. Group 1: Monetary Policy Actions - On September 5, the PBOC executed a buyout reverse repurchase operation of 1 trillion yuan with a term of 3 months (91 days), which is equivalent to rolling over the same amount of reverse repos maturing on the same day [1]. - The PBOC is expected to continue this buyout reverse repurchase strategy in September, especially with 3.5 trillion yuan of interbank certificates of deposit maturing, marking the second-highest level this year [6]. Group 2: Market Implications - The ongoing strength in the stock market and the noticeable "migration" of household deposits are contributing to a tightening effect on liquidity, prompting the PBOC to act [6]. - The PBOC's actions are aimed at stabilizing market expectations and ensuring ample liquidity to support government bond issuance, while also signaling a sustained supportive stance in monetary policy [6]. Group 3: Reverse Repo Mechanism - The buyout reverse repurchase mechanism, introduced in October 2024, allows the PBOC to lend funds by purchasing bonds from primary dealers, enhancing liquidity management capabilities within a year [7].