大消息！央行宣布：7000亿元

Core Viewpoint - The People's Bank of China (PBOC) will conduct a 700 billion yuan reverse repurchase operation on November 5, 2025, to maintain ample liquidity in the banking system, with a term of 3 months (91 days) [1] Group 1: Reverse Repo Operations - The PBOC's operation on November 5 will be a continuation of the 700 billion yuan 3-month reverse repo that is set to mature in November, indicating a rollover of liquidity [5] - An additional 300 billion yuan 6-month reverse repo is expected to be conducted later in November, suggesting a potential increase in liquidity injection for the sixth consecutive month [5][6] - The PBOC's recent actions reflect a stable yet slightly accommodative monetary policy stance, with a focus on maintaining market liquidity and stabilizing bond market expectations [6] Group 2: Market Expectations and Tools - The PBOC's net purchase of 20 billion yuan in government bonds during October indicates a cautious approach to avoid rapid declines in interest rates while supporting liquidity [5] - The upcoming maturity of 9 billion yuan in Medium-term Lending Facility (MLF) also suggests that the PBOC may continue to use both reverse repos and MLF to inject medium-term liquidity into the market [6] - The introduction of the reverse repo tool in October 2024 has made it a primary instrument for medium to long-term liquidity supply, surpassing MLF in net injection volume this year [6]