央行加量续作3个月期买断式逆回购 “补水”流动性稳定市场预期

Core Viewpoint - The People's Bank of China (PBOC) is actively injecting medium-term liquidity into the banking system through various monetary policy tools, including reverse repos and MLF, to maintain a stable and ample liquidity environment in response to potential tightening pressures in the market [1][2][3]. Group 1: Monetary Policy Actions - On October 9, the PBOC conducted a 1.1 trillion yuan reverse repo operation with a term of 3 months, indicating a proactive approach to liquidity management post the "National Day" holiday [1]. - The PBOC is expected to continue with equal or slightly increased amounts of reverse repos and MLF operations in October, marking the fifth consecutive month of such actions [2]. - The PBOC's monetary policy committee emphasized the need for effective monetary policy adjustments to align with economic growth and inflation expectations, aiming to keep liquidity abundant [2]. Group 2: Market Liquidity Outlook - The liquidity environment is anticipated to experience a "first loose, then tight" seasonal pattern in October, influenced by fiscal spending, holiday cash flow, and large-scale government bond issuances [4]. - Market analysts predict that the PBOC will utilize various tools, including reverse repos and MLF, to maintain short-term and medium-term liquidity balance, while also considering potential long-term liquidity injections through reserve requirement ratio (RRR) cuts [3][4]. - The expectation of a new round of growth-stabilizing policies, including a potential RRR cut, is likely to influence the net medium-term liquidity injection scale, which may decrease from the previously high levels [5][6].