1．1万亿元 央行10月9日开展买断式逆回购操作

Core Points - The People's Bank of China (PBOC) will conduct a 1.1 trillion yuan reverse repurchase operation on October 9, 2025, to maintain ample liquidity in the banking system [1] - The reverse repurchase operation will be conducted with a fixed amount, interest rate bidding, and multiple price bids, with a term of 3 months (91 days) [1] - The PBOC has introduced the reverse repurchase tool in the open market operations since October 28, 2024, targeting primary dealers [1] Summary by Sections Monetary Policy Actions - The PBOC's reverse repurchase operations are aimed at injecting medium-term liquidity into the banking system, helping to stabilize the funding environment [2] - The operations are expected to support government bond issuance and encourage financial institutions to increase credit supply [2] - The PBOC plans to continue conducting reverse repurchase operations, with an expectation of a 6-month term operation later in October [1][2] Market Impact - The announcement of the reverse repurchase operation before the holiday is intended to stabilize market expectations and ensure smooth liquidity post-holiday [2] - The PBOC's actions are part of a broader strategy to enhance liquidity management and support key strategic areas and sectors [2][3] Future Outlook - The PBOC's monetary policy committee has emphasized the need for proactive and targeted monetary policy adjustments based on domestic and international economic conditions [2] - The goal is to align the growth of social financing and money supply with economic growth and inflation expectations [2]