1.1万亿元！央行节后首日开展买断式逆回购

Core Viewpoint - The People's Bank of China (PBOC) is actively managing liquidity through various monetary policy tools, including reverse repos, to address seasonal cash demand and support government bond issuance [1][2]. Group 1: Monetary Policy Operations - On October 9, the PBOC conducted a 1.1 trillion yuan three-month reverse repo operation using a fixed quantity and multi-price bidding method [1]. - In October, there is a total of 1.3 trillion yuan in reverse repos maturing, with expectations for another six-month reverse repo operation to maintain net liquidity injection [1]. - The PBOC has been consistently increasing the scale of reverse repo operations for four consecutive months and has also increased the Medium-term Lending Facility (MLF) for seven months [2]. Group 2: Economic Context and Expectations - The PBOC's actions are influenced by seasonal cash demand due to the October holidays, leading to a significant liquidity gap [1]. - The PBOC aims to keep liquidity ample and guide financial institutions to increase credit supply, aligning social financing and money supply growth with economic growth and price level expectations [2]. - The recent monetary policy committee meeting emphasized the need for flexible and anticipatory policies in light of domestic demand shortages and ongoing global uncertainties, indicating room for further monetary policy adjustments [2].