Core Viewpoint - The People's Bank of China (PBOC) is implementing a buyout reverse repurchase operation to maintain liquidity in the banking system, injecting a total of 11 trillion yuan with a 3-month term, indicating a proactive monetary policy stance to support economic stability and growth [1][2]. Group 1: Monetary Policy Actions - On October 9, 2025, the PBOC conducted a buyout reverse repurchase operation of 11 trillion yuan, with a term of 3 months (91 days) [1]. - The buyout reverse repurchase tool will be used monthly, with a maximum term of 1 year, targeting primary dealers in the open market [1]. - The operation results will be disclosed on the PBOC's official website, including various types of bonds as collateral [1]. Group 2: Market Impact and Analysis - Analyst Wang Qing noted that the 11 trillion yuan operation is a continuation of liquidity support, with an additional 3,000 billion yuan injected into the market, following the maturity of 8,000 billion yuan in 3-month reverse repos [1][2]. - The PBOC's actions are aimed at stabilizing market expectations and ensuring a smooth liquidity environment post-holiday [2]. - Financial institutions are expected to increase credit supply, particularly in key strategic areas, supported by the PBOC's liquidity measures [2][3]. Group 3: Future Outlook - The PBOC plans to utilize various monetary policy tools to ensure liquidity remains ample, aiming to lower overall financing costs and support consumption and effective investment [3]. - The central bank's third-quarter meeting emphasized the need for proactive and targeted monetary policy adjustments based on economic conditions [3]. - Analysts predict that liquidity gaps in October may mirror those of September, but with potential downward adjustments in funding rates due to anticipated government bond transactions [2][3].
1.1万亿元 央行开展买断式逆回购操作
Bei Jing Shang Bao·2025-10-09 16:14