央行加码流动性投放 呵护跨季资金面

Group 1 - The People's Bank of China (PBOC) has increased liquidity injections since late September, indicating a clear intention to support the funding environment across the quarter [1] - On September 22, the PBOC restarted 14-day reverse repos with a scale of 300 billion yuan, followed by an increase to 600 billion yuan on September 26, and a total of 29,377 billion yuan injected from September 22 to September 29 [1] - The PBOC also conducted a 6,000 billion yuan Medium-term Lending Facility (MLF) operation on September 25, resulting in a net injection of 3,000 billion yuan for the month [1] Group 2 - Tianfeng Securities reports that the PBOC's increased liquidity measures have led to a stable funding environment, with expectations for continued stability into October despite potential liquidity disturbances [2] - October is anticipated to be a month of high fiscal revenue and low expenditure, with significant government bond issuance potentially tightening liquidity, although the amount of interbank certificates maturing is expected to be lower than in September [2] - The PBOC is likely to continue using various liquidity management tools in October to maintain ample market liquidity, suggesting limited upward pressure on major money market rates [2] Group 3 - There is a growing expectation in the market for the PBOC to resume government bond trading operations, which had been paused earlier this year to avoid impacting investor needs [3] - Regardless of whether government bond trading resumes, Tianfeng Securities believes that liquidity concerns are manageable due to the diverse range of monetary policy tools available to the PBOC [3] - The PBOC can effectively stabilize funding fluctuations by flexibly utilizing short, medium, and long-term liquidity injection tools such as reverse repos and MLF [3]