中国央行将开展7000亿元买断式逆回购操作

Core Viewpoint - The People's Bank of China (PBOC) is implementing measures to maintain ample liquidity in the banking system through a series of reverse repos, indicating a supportive monetary policy stance to counter potential liquidity tightening [1][2] Group 1: Monetary Policy Actions - On November 5, 2025, the PBOC will conduct a fixed-quantity, interest-rate tender, multi-price bidding operation for 700 billion yuan (approximately 700 billion RMB) in a buyout reverse repo with a term of 3 months (91 days) [1] - Additionally, the PBOC has conducted a fixed-rate, quantity tender operation for 117.5 billion yuan in a 7-day reverse repo [1] Group 2: Market Implications - The combined buyout reverse repos for November will continue to inject medium-term liquidity into the market for the sixth consecutive month [1] - The issuance of 500 billion yuan in local government bonds is expected to occur before the end of the year, which will likely lead to a high level of government bond issuance in November [1] - The completion of 500 billion yuan in new policy-based financial instruments in October is anticipated to drive rapid growth in associated loans, while the maturity of interbank certificates of deposit in November will also increase significantly [1]