央行将加量续做6个月期买断式逆回购

Core Viewpoint - The People's Bank of China (PBOC) is implementing a significant liquidity injection through a 800 billion yuan reverse repo operation to maintain ample liquidity in the banking system, with a net injection of 500 billion yuan after accounting for maturing reverse repos [1][2]. Group 1: Reverse Repo Operations - On November 17, the PBOC will conduct an 800 billion yuan reverse repo operation with a six-month term, marking a net injection of 500 billion yuan after 300 billion yuan of six-month reverse repos mature [1]. - The total net injection from reverse repos in November is expected to be 500 billion yuan, which is an increase of 100 billion yuan compared to October, indicating a continuous trend of increasing reverse repo operations for six consecutive months [1]. Group 2: Market Liquidity and Government Bonds - The increase in reverse repo operations is partly due to the issuance of 500 billion yuan in local government bonds aimed at resolving existing debt and boosting effective investment, leading to a significant rise in net financing of government bonds in November [2]. - The maturity of 9 billion yuan in Medium-term Lending Facility (MLF) in November may also necessitate additional liquidity support from the PBOC, with expectations of a slight increase in MLF renewals [2]. Group 3: Monetary Policy Framework - The PBOC has established a monthly routine for liquidity operations, including three-month reverse repos around the 5th, six-month reverse repos around the 15th, and MLF operations on the 25th, which collectively provided a net injection of 1.5 trillion yuan in the third quarter [3]. - The PBOC's monetary policy aims to maintain a moderately accommodative stance while closely monitoring changes in the global monetary policy landscape and adjusting liquidity supply accordingly [3].