央行时隔8个月重启14天期逆回购操作 时点提前呵护资金面

Core Viewpoint - The central bank has resumed 14-day reverse repo operations after an 8-month hiatus, indicating a moderately accommodative monetary policy stance to ensure liquidity ahead of the upcoming holidays [1][2]. Group 1: Central Bank Operations - The central bank conducted a 300 billion yuan 14-day reverse repo operation and a 240.5 billion yuan 7-day reverse repo operation, aimed at providing liquidity before the holiday [1]. - The initiation of the 14-day reverse repo operation is earlier than in previous years, which helps alleviate the preventive funding needs of institutions before the quarter-end and holiday [2]. - The 14-day reverse repo operation has shifted to a "American-style bidding" process, allowing for fixed quantity, interest rate bidding, and multiple price bids, which is expected to enhance liquidity management [2][3]. Group 2: Market Liquidity and Challenges - Despite the central bank's efforts to inject liquidity, the market still faces significant liquidity pressure due to large-scale fund expirations and various disruptive factors [4]. - The upcoming week will see 1.83 trillion yuan in expiring funds, with significant expirations on specific days, which may impact overnight funding rates [4]. - Additional liquidity pressures arise from the listing of a new entity, expected to freeze around 600 billion yuan, and the expiration of a 300 billion yuan 1-year MLF [4]. Group 3: Future Outlook - Experts anticipate that the central bank will flexibly combine long, medium, and short-term operations to smooth out liquidity injection and absorption rhythms, leading to more precise and efficient liquidity management [6]. - The frequency of 14-day reverse repo operations is expected to normalize, potentially reducing the weighted cost of bank liabilities [6]. - The central bank is likely to continue using various policy tools, including reverse repos and MLF, to inject medium-term liquidity and limit the upward pressure on mid-to-long-term market interest rates [6].