央行等量续作1万亿元流动性，四季度会降准吗

Group 1 - The People's Bank of China (PBOC) will conduct a 1 trillion yuan reverse repurchase operation with a 3-month term to maintain liquidity in the banking system [2][3] - As of September 5, there will be a net withdrawal of 300 billion yuan due to the maturity of 6-month reverse repos [3][4] - Analysts expect the PBOC to continue its reverse repo operations to address liquidity tightening, especially with high government bond issuance and significant maturity of interbank certificates of deposit [4] Group 2 - The MLF (Medium-term Lending Facility) maturity in September is estimated at 300 billion yuan, with expectations for slight net injections [4] - There is a possibility of additional 6-month reverse repo operations in September to manage liquidity pressures [4] - Analysts predict that the PBOC may implement a reserve requirement ratio (RRR) cut in the fourth quarter to support credit growth and economic stability [4]