中国央行开展1万亿元买断式逆回购操作

Core Viewpoint - The People's Bank of China (PBOC) is implementing a 1 trillion yuan reverse repurchase operation to maintain liquidity in the banking system, indicating a proactive approach to manage potential liquidity tightening in September [1] Group 1: Monetary Policy Actions - On September 5, the PBOC conducted a 1 trillion yuan buyback reverse repo operation with a term of 3 months (91 days) [1] - There is an equal amount of 1 trillion yuan in 3-month reverse repos maturing this month, indicating a rollover of liquidity support [1] - An additional 300 billion yuan in 6-month reverse repos is set to mature in September, suggesting ongoing liquidity management [1] Group 2: Market Conditions and Expectations - The month of September is expected to see a peak in government bond issuance, with commercial banks facing a maturity of 3.5 trillion yuan in interbank certificates of deposit, the second-highest level this year [1] - The strengthening stock market and noticeable "deposit migration" among residents may contribute to a tightening effect on liquidity [1] - The PBOC is likely to continue its previous strategy of increasing reverse repo operations to counteract liquidity tightening [1] Group 3: Future Projections - The PBOC may also increase the volume of Medium-term Lending Facility (MLF) operations, with 300 billion yuan maturing in September [1] - This approach aims to inject medium-term liquidity into the market, stabilizing market expectations and supporting government bond issuance [1] - The use of both MLF and reverse repo tools signals a sustained supportive stance in monetary policy [1]