央行开展7000亿元买断式逆回购操作 有助保持市场流动性充裕

Core Viewpoint - The People's Bank of China (PBOC) announced a 700 billion yuan reverse repurchase operation to maintain liquidity in the banking system, indicating a continuation of supportive monetary policy [2][3]. Group 1: Reverse Repo Operations - On November 5, 2025, the PBOC will conduct a fixed-quantity, interest-rate tender, multi-price reverse repurchase operation of 700 billion yuan with a term of 3 months (91 days) [2]. - The operation is aimed at injecting medium-term liquidity into the banking system, helping to stabilize the funding environment and support government bond issuance [2][3]. - In November, an additional 300 billion yuan of 6-month reverse repos is expected, with a likelihood of increased amounts, marking the sixth consecutive month of medium-term liquidity injection [3]. Group 2: Market Liquidity and Policy Tools - The PBOC has been actively using reverse repo operations to adjust short-term liquidity and has also employed medium-term lending facilities (MLF) to enhance medium and short-term liquidity [3]. - In October, the PBOC net withdrew 595.3 billion yuan through short-term reverse repos, while net injecting 400 billion yuan through buyout reverse repos and 200 billion yuan through MLF [3]. Group 3: Future Expectations - Experts anticipate a potential reserve requirement ratio (RRR) cut before the end of the year, as the fourth quarter is a critical period for growth-stabilizing policies [4]. - The PBOC's actions are seen as timely and necessary to maintain ample market liquidity and encourage financial institutions to increase credit issuance [4].