风口智库｜利好！央行再宣布买断式逆回购操作，继续注入中期流动性

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 600 billion yuan buyout reverse repurchase operation on October 15, 2025, to maintain ample liquidity in the banking system [2] Group 1: Monetary Policy Tools - The buyout reverse repurchase is a monetary policy tool introduced by the PBOC on October 28 of the previous year, aimed at injecting liquidity into the market by purchasing bonds from primary dealers [2] - The PBOC has been actively using reverse repurchase operations to adjust short-term liquidity and enhance medium-term liquidity through tools like the Medium-term Lending Facility (MLF) [2][3] - The upcoming 600 billion yuan operation follows the maturity of 800 billion yuan in 3-month buyout reverse repos, helping to smooth short-term funding fluctuations [2] Group 2: Market Impact and Expectations - In October, the PBOC has increased the scale of buyout reverse repos by 400 billion yuan compared to the previous month, indicating a continued effort to inject medium-term liquidity into the market [3] - Analysts suggest that the PBOC's actions are aimed at stabilizing the funding environment amid potential liquidity tightening due to government bond issuances and other market dynamics [4] - Future monetary policy may include a combination of buyout reverse repos and MLF to further support liquidity needs related to government bond issuance and other strategic areas [4][5]