央行加量续做6个月期买断式逆回购

Core Viewpoint - The People's Bank of China (PBOC) is implementing a 600 billion yuan reverse repo operation to maintain liquidity in the banking system, indicating a continued supportive monetary policy stance amid potential tightening of liquidity [1][2] Group 1: Reverse Repo Operations - On October 15, the PBOC will conduct a 600 billion yuan reverse repo operation with a term of 6 months (182 days) [1] - In October, the net injection from the 6-month reverse repo will be 1000 billion yuan, following the maturity of 5000 billion yuan from previous operations [1] - The total net injection from reverse repos in October will amount to 4000 billion yuan, marking the fifth consecutive month of increased reverse repo operations [1] Group 2: Market Conditions and Expectations - Factors such as large-scale government bond issuance and the promotion of new policy financial tools are expected to tighten liquidity, necessitating PBOC's support [1] - The strong performance of the stock market and the phenomenon of "deposit migration" among residents are also contributing to the tightening of funds [1] - The PBOC is expected to continue using both reverse repos and Medium-term Lending Facility (MLF) tools to inject liquidity into the market [2]