Guan Cha Zhe Wang·2025-10-13 00:30Core Viewpoint - The People's Bank of China (PBOC) is managing significant liquidity events this week, with nearly 20 trillion yuan in funds maturing, indicating a focus on maintaining stable liquidity in the market [1] Group 1: Market Operations - This week, the PBOC has 10,210 billion yuan in reverse repos maturing, with 6,120 billion yuan maturing on Thursday and 4,090 billion yuan on Friday [1] - Additionally, 1,500 billion yuan in treasury cash deposits will mature on Wednesday, and 8,000 billion yuan in 91-day reverse repos will mature on Tuesday [1] - Last week, the PBOC conducted 11,370 billion yuan in reverse repos and 11,000 billion yuan in 91-day reverse repos, with a total of 26,633 billion yuan in reverse repos maturing, resulting in a net withdrawal of 4,263 billion yuan [1] Group 2: Liquidity Outlook - CITIC Securities commented that the liquidity gap in October may be weaker than seasonal trends, suggesting limited risks of liquidity tightening due to the PBOC's accommodative monetary policy stance [1] - The overall net financing of government bonds in October is expected to be around 600 billion yuan, as local government bond issuance plans and national bond issuance patterns indicate a reduction in supply pressure [1] - Excluding the impact of Medium-term Lending Facility (MLF) and reverse repos maturing, the estimated liquidity gap for October is approximately 500 billion yuan, although fiscal spending may cause disturbances later in the month [1]