Group 1 - The central bank has resumed 14-day reverse repurchase operations after 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][2] - The adjustment of the 14-day reverse repo auction method to fixed quantity, interest rate bidding, and multiple price bidding aims to better meet the differentiated funding needs of various institutions and maintain liquidity in the banking system [2][3] - The current monetary policy transmission mechanism will use the 7-day reverse repo rate as a starting point, linking deposit rates to the 10-year government bond yield and the 1-year Loan Prime Rate (LPR) [3] Group 2 - 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][5] - The central bank's approach to liquidity remains protective, with expectations of continued reasonable-scale open market operations to maintain stability in cross-quarter and holiday funding [4][5] - Recent increases in yields on bank interbank certificates of deposit and 10-year government bonds suggest limited upward space for medium to long-term market rates, as the central bank aims to maintain ample market liquidity [5]
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
Xin Jing Bao·2025-09-22 06:14