风口智库｜节前利好！央行宣布买断式逆回购操作，有何考量？

Core Viewpoint - The People's Bank of China (PBOC) is implementing a significant liquidity injection through a 110 billion yuan reverse repurchase operation to maintain ample liquidity in the banking system, indicating a proactive approach to manage potential liquidity tightening in the market [2][3]. Group 1: Reverse Repo Operations - On October 9, 2025, the PBOC will conduct a 110 billion yuan reverse repurchase operation with a term of 3 months (91 days) to ensure sufficient liquidity in the banking system [2]. - The reverse repurchase operations will be conducted monthly, with a maximum term of 1 year, targeting primary dealers in the open market [2]. - The operation will include various types of securities such as government bonds, local government bonds, financial bonds, and corporate credit bonds [2]. Group 2: Market Impact and Expectations - In October, 800 billion yuan of 3-month reverse repos will mature, and the PBOC's new operation indicates a net increase of 300 billion yuan in this category [3]. - An additional 500 billion yuan of 6-month reverse repos is expected to mature in October, with a high likelihood of another operation in this category, suggesting a continued liquidity injection for the fifth consecutive month [3]. - The PBOC aims to stabilize the funding environment amid potential tightening effects from large-scale government bond issuances and new policy financial tools [3]. Group 3: Monetary Policy Outlook - The PBOC's monetary policy committee emphasizes the need for proactive and targeted monetary policy adjustments based on domestic and international economic conditions [4]. - Future liquidity injections may be lower than the previous monthly average of 600 billion yuan due to potential reserve requirement ratio (RRR) cuts in the fourth quarter [4]. - The anticipated new policies aim to support economic growth and stabilize the real estate market, with a focus on increasing social financing and money supply in line with economic growth targets [4].