呵护中期流动性 央行月内二次开展买断式逆回购

Core Viewpoint - The People's Bank of China (PBOC) is actively using the buyout reverse repurchase operation to inject medium-term liquidity into the banking system, aiming to stabilize the financial market and manage liquidity effectively [1][2][3]. Group 1: Buyout Reverse Repo Operations - On October 14, the PBOC announced a buyout reverse repo operation of 600 billion yuan with a term of 6 months, marking the second such operation in October [1][2]. - The buyout reverse repo, introduced in October 2024, has become a key tool for the PBOC's medium-term liquidity management, filling the gap in short to medium-term liquidity tools [1][2]. - The PBOC has conducted multiple buyout reverse repo operations since its introduction, with terms ranging from 3 months to 1 year, providing longer-term funding support compared to traditional operations [1][2]. Group 2: Market Conditions and Liquidity Management - The government bond issuance in October remains substantial, contributing to potential liquidity tightening, prompting the PBOC to inject liquidity through buyout reverse repos [2][3]. - Factors such as tax payments, high-interest deposits maturing, and the introduction of new policy financial tools are expected to exert pressure on liquidity, necessitating PBOC's intervention [2][3]. - The PBOC's recent operations are aimed at maintaining a stable and ample liquidity environment, especially in light of upcoming government bond issuances and market demands [3][4]. Group 3: Monetary Policy Tools and Future Outlook - The PBOC is utilizing a variety of monetary policy tools, including short-term reverse repos, medium-term lending facilities (MLF), and buyout reverse repos, to ensure liquidity in the market [5][6]. - The PBOC's recent adjustments in policy language indicate a focus on maintaining policy continuity and flexibility, with an emphasis on effectively utilizing existing tools [5][6]. - Analysts suggest that the PBOC may resume government bond trading in the fourth quarter to inject long-term liquidity, aligning with growth stabilization policies [6][7].