1.1万亿买断式逆回购节后落地 10月仍有望加量续作

Group 1 - The People's Bank of China (PBOC) announced a 1.1 trillion yuan reverse repo operation on October 9, with a term of 3 months, to maintain ample liquidity in the banking system [1] - Previous reverse repo operations included 1 trillion yuan on September 5 and 600 billion yuan on September 15, both with a 3-month term [1] - A total of 800 billion yuan in 3-month reverse repos will mature in October, indicating a net increase of 300 billion yuan in the upcoming operation [1] Group 2 - The PBOC's actions are influenced by the large-scale issuance of government bonds in October and the acceleration of 500 billion yuan in new policy financial tools, which are expected to significantly boost loan disbursement [2] - Seasonal cash demand is expected to rise due to the holiday factor, alongside increased fiscal deposits, leading to a potential liquidity gap [2] - The PBOC's announcement of reverse repo operations before the holiday signals a commitment to maintaining a loose liquidity policy [2] Group 3 - The PBOC's reverse repo operations aim to counteract potential liquidity tightening effects and ensure stable funding conditions, supporting government bond issuance and encouraging financial institutions to increase credit supply [3] - An additional 700 billion yuan in Medium-term Lending Facility (MLF) is set to mature in October, with expectations for the PBOC to continue or slightly increase the volume of these operations [3] - Future liquidity injection may decrease from the previous monthly level of 600 billion yuan, as new growth-stimulating policies are anticipated in the fourth quarter, focusing on fiscal support and monetary easing [3]