加量操作呵护流动性央行开展6000亿元买断式逆回购

Core Viewpoint - The People's Bank of China (PBOC) is conducting a 600 billion yuan reverse repurchase operation to stabilize liquidity, indicating a continued supportive monetary policy stance [1][2]. Group 1: Monetary Policy Actions - The PBOC will conduct a 600 billion yuan 6-month reverse repurchase operation on October 15, 2023, as part of its strategy to maintain market stability [1]. - This operation follows the maturity of 800 billion yuan in 3-month reverse repos on the same day, helping to smooth short-term funding fluctuations [1]. - In October, the total net injection of liquidity through reverse repos is approximately 400 billion yuan, which is an increase of 100 billion yuan compared to September [1]. Group 2: Market Conditions and Expectations - The increase in reverse repo operations is attributed to heightened funding demand due to concentrated government bond issuances and the introduction of new policy financial instruments [2]. - Analysts expect that the PBOC will continue to use both reverse repos and Medium-term Lending Facility (MLF) tools to inject liquidity into the market [2][3]. - There is a possibility of a reserve requirement ratio (RRR) cut in the fourth quarter, which would provide longer-term, lower-cost liquidity to the market [3]. Group 3: Future Outlook - The PBOC is likely to maintain a stable short-term liquidity environment, with interest rates expected to stabilize around 1.5% [3]. - The market is anticipated to experience limited liquidity gaps, with structural tensions being manageable [3].