时隔八个月央行重启14天期逆回购，连续净投放维稳季末资金面

Group 1 - The central bank has resumed 14-day reverse repurchase operations for the first time in eight months, injecting 300 billion yuan into the market on September 22, alongside 240.5 billion yuan in 7-day reverse repos, resulting in a net injection of 260.5 billion yuan for the day [1] - The resumption of the 14-day reverse repo is a routine measure by the central bank to address cash withdrawal demands from residents ahead of the National Day holiday, a practice that has been in place since 2019 [1] - Analysts expect the central bank to continue conducting 14-day reverse repos until the end of the month to maintain short-term liquidity, followed by a net withdrawal post-holiday to stabilize liquidity levels [1] Group 2 - On September 19, the central bank announced adjustments to the 14-day reverse repo auction method to better meet the diverse funding needs of different institutions, shifting to a fixed quantity, interest rate bidding, and multiple price bidding approach [2] - The adjustment aims to avoid concentrated maturities during the National Day holiday, as the actual maturity of the 7-day reverse repo will exceed 7 days due to the holiday period [2] - The new auction mechanism aligns the 14-day reverse repo with the Medium-term Lending Facility (MLF) operation, reinforcing the 7-day reverse repo rate as the primary policy rate [2] Group 3 - The fixed income team at Zheshang Securities believes that the new monetary policy transmission mechanism will link deposit rates to the 10-year government bond yield and the 1-year Loan Prime Rate (LPR), while insurance product rates will be adjusted based on the 5-year LPR and 5-year fixed deposits [3] - The LPR pricing mechanism will reference the 7-day reverse repo rate and the spreads from various quoting banks [3] Group 4 - As the end of the quarter approaches, the central bank faces a liquidity test with over 2 trillion yuan in open market maturities, but fiscal deposits are expected to provide some liquidity support [4] - Market analysts predict that the interbank market will experience a "stable yet concerning" liquidity situation, with the central bank likely to maintain a proactive stance on liquidity management [4] - The central bank is expected to continue reasonable open market operations to ensure smooth liquidity during the quarter-end and holiday periods, with fluctuations in funding rates likely to remain within seasonal norms [4]