央行连续4个月加量续做买断式逆回购

Group 1 - The People's Bank of China (PBOC) conducted a 600 billion yuan reverse repurchase operation with a 6-month term on September 15, following a 10,000 billion yuan operation on September 5, indicating a proactive approach to liquidity management [1] - In September, there was a net injection of 300 billion yuan from reverse repos, marking the fourth consecutive month of increased reverse repo operations by the PBOC [1] - The PBOC's reverse repo operations in June to August had net injections of 200 billion yuan each month, followed by 300 billion yuan in September [1] Group 2 - The issuance of government bonds is at a peak in September, with commercial bank interbank certificates maturing at 35 trillion yuan, the second-highest level this year [2] - Analysts expect the PBOC to continue using reverse repos and Medium-term Lending Facility (MLF) tools to inject liquidity into the market, especially in response to tightening liquidity conditions [2] - The 600 billion yuan reverse repo on September 15 is seen as effective support during the tax payment period, helping to manage overall liquidity pressure [2]