央行预告：10月9日 11000亿元

Core Viewpoint - The People's Bank of China (PBOC) announced a 1.1 trillion yuan three-month reverse repo operation to maintain ample liquidity in the banking system ahead of the National Day and Mid-Autumn Festival holidays [1][4]. Group 1: Reverse Repo Operations - On October 9, the PBOC will conduct a 1.1 trillion yuan three-month reverse repo operation, which is an increase of 300 billion yuan compared to the previous month [1][4]. - In October, 800 billion yuan of three-month reverse repos will mature, indicating a significant liquidity demand due to seasonal factors and increased fiscal deposits [4]. - The operation is aimed at providing a policy signal to support liquidity in the banking system, especially in light of potential tightening due to government bond issuances and new policy financial tools [4]. Group 2: Monetary Policy Tools - The PBOC is expected to continue using various monetary policy tools, including reverse repos and Medium-term Lending Facility (MLF), to inject medium-term liquidity into the market [5]. - In October, 7 billion yuan of MLF will also mature, and the PBOC may opt for equal or slightly increased MLF renewals [5]. - The central bank's strategy includes timely adjustments to short-term liquidity through reverse repos and enhancing medium-term liquidity through MLF operations, ensuring sufficient market liquidity to support government bond issuances and other strategic areas [5].