央行持续开展逆回购操作，流动性投放加码

Core Viewpoint - The People's Bank of China (PBOC) has significantly increased liquidity injections in response to the upcoming holidays and the end of the quarter, indicating a proactive approach to manage market liquidity [1] Group 1: Reverse Repo Operations - On September 30, the PBOC conducted a 7-day reverse repo operation amounting to 242.2 billion yuan at an interest rate of 1.4% [1] - On the previous day, the PBOC executed a 7-day reverse repo operation of 288.6 billion yuan, also at an interest rate of 1.4%, resulting in a net injection of 48.1 billion yuan due to 240.5 billion yuan maturing [1] - From September 22 to September 30, the PBOC conducted a total of 31.799 trillion yuan in reverse repo operations, with 23.434 trillion yuan maturing, leading to a net injection of 836.5 billion yuan [1] Group 2: Increased Liquidity Measures - Since late September, the PBOC has ramped up liquidity measures, including the reintroduction of 14-day reverse repo operations, with an initial injection of 300 billion yuan on September 22, which was later increased to 600 billion yuan on September 26 [1] - The increase in liquidity measures is attributed to the dual holiday of National Day and Mid-Autumn Festival, alongside the quarter-end, highlighting the central bank's strategy to ensure sufficient liquidity in the financial system [1]