央行加量续做3个月期买断式逆回购

Core Viewpoint - The People's Bank of China (PBOC) is injecting liquidity into the banking system through a 1.1 trillion yuan reverse repurchase operation, indicating a supportive monetary policy stance to maintain liquidity and facilitate government bond issuance [1][2]. Group 1: Monetary Policy Actions - On October 9, the PBOC conducted a 1.1 trillion yuan buyout reverse repo operation with a term of 3 months, resulting in a net injection of 300 billion yuan for October after accounting for 800 billion yuan in maturing operations [1]. - The PBOC's actions are aimed at stabilizing the funding environment, supporting financial institutions to increase credit supply, and signaling a continued supportive monetary policy [1][2]. Group 2: Market Expectations - Analysts expect the liquidity environment in October to exhibit a "loose then tight" seasonal pattern, with initial support from fiscal spending and cash flow returning from holidays [1]. - The upcoming maturity of 500 billion yuan in 6-month reverse repos and 700 billion yuan in Medium-term Lending Facility (MLF) loans is anticipated to influence the PBOC's liquidity operations [2]. - Future PBOC operations are expected to maintain a stable interest rate environment, with potential for equal or slightly increased MLF renewals [2].