9月买断式逆回购将延续加量续做

Core Viewpoint - The People's Bank of China (PBOC) is expected to continue injecting liquidity into the market through reverse repos and medium-term lending facilities (MLF) to address tightening liquidity conditions due to significant government bond issuance and maturing bank certificates of deposit [2]. Group 1 - A total of 1 trillion yuan in 3-month reverse repos and 300 billion yuan in 6-month reverse repos are set to mature this month, with the PBOC having already conducted equivalent renewals for the former [2]. - The PBOC will increase the amount of reverse repos by 300 billion yuan for both maturities, matching the scale from the previous month [2]. - An additional 300 billion yuan in MLF is expected to mature on the 25th, with industry expectations for a potential increase in renewals, following six consecutive months of increased MLF renewals by the PBOC [2]. Group 2 - The tightening liquidity is attributed to a peak in government bond issuance in September, with maturing bank certificates of deposit reaching 3.5 trillion yuan, alongside a noticeable "migration" of household deposits due to a strong stock market [2]. - The PBOC's actions aim to stabilize market expectations, maintain ample liquidity, support government bond issuance, and signal a continued supportive monetary policy stance [2]. - There is a possibility that the PBOC may implement a reserve requirement ratio (RRR) cut in the fourth quarter and may resume government bond trading operations as part of its strategy to enhance liquidity and encourage bank lending [2].