央行预告开展11000亿元买断式逆回购 “补水”护航节后首周流动性

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 1.1 trillion yuan reverse repo operation on October 9, aimed at maintaining liquidity during the holiday season and addressing potential tightening in the financial market [1][2]. Group 1: Monetary Policy Actions - The PBOC will inject 1.1 trillion yuan through a three-month reverse repo operation, which includes an additional 300 billion yuan to the existing 800 billion yuan of three-month reverse repos maturing in October [2][3]. - There is an expectation of another six-month reverse repo operation in October, as 500 billion yuan of six-month reverse repos are also set to mature [2][3]. - The PBOC's actions are intended to stabilize liquidity and support government bond issuance while encouraging financial institutions to increase credit supply [2][4]. Group 2: Market Conditions and Expectations - The upcoming maturity of 1.95 trillion yuan in reverse repos around October 9-10 may create pressure on liquidity, but the first week of October is likely to see a return to a more relaxed liquidity state due to fiscal spending and reduced government bond payments [3][5]. - 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 [3][4]. - There is speculation that the PBOC may implement a new round of reserve requirement ratio (RRR) cuts in the fourth quarter, influenced by economic growth dynamics and the need for more robust support for the real estate market [4][5].