超2万亿逆回购到期 11月资金面迎考

Core Viewpoint - The central focus of the news is on the upcoming expiration of over 20 trillion yuan in reverse repos, alongside other monetary policy tools, which is expected to maintain a stable liquidity environment in November [1][4]. Group 1: Market Operations - The People's Bank of China (PBOC) will see 20,680 billion yuan in reverse repos maturing this week, with specific amounts maturing each day from November 3 to 7 [1]. - On November 6, the PBOC conducted a reverse repo operation of 928 billion yuan at a fixed rate of 1.4%, resulting in a net withdrawal of 2,498 billion yuan due to the larger amount of maturing repos compared to the operation volume [2]. - The total amount of reverse repos and MLF (Medium-term Lending Facility) maturing in November is approximately 10 trillion yuan, which is 1 trillion yuan less than in October [3]. Group 2: Liquidity Outlook - Analysts believe that the liquidity pressure in November will be manageable, with expectations of stable overnight funding rates slightly above the policy rate [4]. - The anticipated decrease in tax payments and the PBOC's resumption of government bond transactions are expected to support liquidity and enhance market confidence [3][4]. - Historical trends suggest that MLF and reverse repos often exhibit a "see-saw" effect, indicating that the PBOC's operations will likely balance out liquidity needs without significant fluctuations in funding rates [4].