一周流动性观察 | 央行重启14天逆回购护航跨季跨节资金 流动性压力预计边际缓解

Core Viewpoint - The People's Bank of China (PBOC) is actively managing liquidity through various monetary policy tools, including reverse repos, to maintain stability in the financial system amid seasonal pressures and external factors [1][2][3]. Group 1: Monetary Policy Operations - On September 22, the PBOC conducted a 240.5 billion yuan 7-day reverse repo operation at an interest rate of 1.40% and a 300 billion yuan 14-day reverse repo operation using a fixed quantity, interest rate bidding, and multiple price bidding method [1]. - The net injection of liquidity in the open market for the week of September 15-19 was 562.3 billion yuan, with a total net injection of 300 billion yuan for the month [1][2]. - The PBOC's adjustment of the 14-day reverse repo operation to a fixed quantity and multiple price bidding is aimed at better reflecting the differentiated funding needs of institutions and may effectively lower interest rates [3][4]. Group 2: Market Reactions and Expectations - The liquidity pressure in the market increased during the tax payment period, with R001 and R007 rates rising to 1.55% and 1.56%, respectively, before the PBOC increased its liquidity injection to alleviate the pressure [2]. - Analysts expect that the PBOC will continue to maintain a supportive stance through reasonable open market operations, with the month-end 7-day funding rate likely to be around 10-20 basis points above the reverse repo rate [3][4]. - The recent stability in the Loan Prime Rate (LPR) reflects the current macroeconomic conditions, with expectations for potential interest rate cuts in the fourth quarter to stimulate domestic demand [5].