7000亿元，央行明日操作

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 700 billion yuan reverse repurchase operation on November 5, indicating a continuation of liquidity support in the market [1][4] Group 1: Reverse Repo Operations - The PBOC will conduct a 700 billion yuan reverse repo operation with a term of 3 months, which is equivalent to rolling over the same amount of maturing reverse repos [1] - Market institutions expect another 6-month reverse repo operation in November, indicating a continued net injection of liquidity [1][4] - Since June, the PBOC has been conducting two different term reverse repo operations each month, maintaining a stable liquidity environment [4] Group 2: Government Bond Operations - In October, the PBOC resumed government bond trading operations, injecting 20 billion yuan into the market, which is seen as a significant signal despite the small amount [1][7] - The resumption of government bond operations is expected to improve market sentiment and reverse bearish expectations in the bond market [8] - The 10-year government bond yield has decreased from 1.8423% to 1.7984% following the announcement of resumed operations, indicating a positive market response [8] Group 3: Market Impact and Expectations - The PBOC's actions are aimed at addressing potential liquidity tightening and maintaining a stable funding environment [4][5] - Analysts suggest that the PBOC will continue to use reverse repos and medium-term lending facilities (MLF) to inject liquidity into the market [5] - The need for the PBOC to buy government bonds is driven by the maturity of previously purchased bonds, with estimates suggesting a need to buy between 700 billion to 1 trillion yuan to maintain stable holdings [9]