Core Viewpoint - The People's Bank of China (PBOC) has announced adjustments to the 14-day reverse repurchase operations to maintain ample liquidity in the banking system and better meet the differentiated funding needs of various institutions [1][3]. Group 1: Policy Adjustments - The 14-day reverse repurchase operations will now be conducted through fixed quantity, interest rate bidding, and multiple price-level bidding, with operation time and scale determined based on liquidity management needs [1][4]. - This adjustment is expected to occur slightly earlier than in previous years, providing institutions with preemptive funding ahead of holidays [3]. Group 2: Market Impact - The PBOC has already injected 300 billion yuan through reverse repos, which will help alleviate the preventive funding needs of institutions before the quarter-end and holidays [3]. - The new bidding method allows for market-driven pricing, enhancing the ability of institutions to reflect their differentiated funding needs [3]. Group 3: Future Outlook - The PBOC aims to flexibly combine long, medium, and short-term operation varieties based on liquidity conditions and institutional demands, leading to more precise and efficient liquidity management [5].
央行公告 14天期逆回购操作规则 即日起调整
Zhong Guo Zheng Quan Bao·2025-09-19 14:54