央行大动作！1.1万亿元+6120亿元

Core Viewpoint - The People's Bank of China (PBOC) is actively managing liquidity in the banking system through reverse repurchase agreements, indicating a supportive monetary policy stance to stabilize the economy and promote lending [1][3][6]. Group 1: Reverse Repo Operations - On October 9, the PBOC conducted a 7-day reverse repo operation amounting to 612 billion yuan at a fixed rate of 1.40%, with a total of 20,633 billion yuan in reverse repos maturing that day, resulting in a net withdrawal of 14,513 billion yuan [1][2]. - A total of 26,600 billion yuan in reverse repos will mature in October, with 6,000 billion yuan maturing on October 10 [3]. Group 2: Monetary Policy Implications - The PBOC's decision to conduct a 11,000 billion yuan buyout reverse repo operation for three months (91 days) indicates an increase in medium-term liquidity support, which is expected to stabilize the funding environment [3][5]. - Analysts suggest that the PBOC's actions are aimed at ensuring sufficient liquidity in the banking system, supporting government bond issuance, and encouraging financial institutions to increase credit supply [5][6]. Group 3: Future Outlook - The liquidity gap in October is expected to be similar to that of September, but with potential adjustments in funding rates, which may decrease to levels seen in July and August [5]. - The PBOC plans to utilize various monetary policy tools to maintain liquidity and support economic recovery, aiming to align social financing growth with economic growth and inflation expectations [6].