连续5个月注入中期流动性，央行明日开展6000亿元买断式逆回购操作｜快讯

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 600 billion yuan reverse repurchase operation on October 15, 2025, to maintain ample liquidity in the banking system, marking a 1,000 billion yuan increase in the six-month reverse repo compared to the previous month [2]. Group 1 - The PBOC will implement a fixed quantity, interest rate bidding, and multiple price level bidding method for the 600 billion yuan reverse repurchase operation, with a term of six months (182 days) [2]. - In October, there is a total of 5,000 billion yuan in six-month reverse repos maturing, and the PBOC's operation indicates a net increase of 1,000 billion yuan in this category [2]. - The PBOC previously conducted a 1,100 billion yuan three-month reverse repo operation on October 9, with a total of 8,000 billion yuan maturing in three-month reverse repos, resulting in a net increase of 3,000 billion yuan for this term [2]. Group 2 - The total increase in both reverse repo terms for October amounts to 4,000 billion yuan, which is 1,000 billion yuan higher than the previous month, indicating the PBOC's ongoing strategy to inject medium-term liquidity into the market for the fifth consecutive month [2]. - Additionally, there are 7,000 billion yuan in Medium-term Lending Facility (MLF) maturing in October, and the PBOC may conduct equal or slightly increased renewals [2]. - Overall, the PBOC is expected to continue using both reverse repos and MLF as policy tools to inject medium-term liquidity into the market, although the scale of liquidity injection may decrease from the previously high level of 6,000 billion yuan per month [2].