重磅来了！10000亿，就在明日

Core Viewpoint - The People's Bank of China (PBOC) will conduct a 10 trillion yuan reverse repo operation on December 5, 2025, to maintain ample liquidity in the banking system, with a term of 3 months (91 days) [1] Group 1: Reverse Repo Operations - The PBOC's operation on December 5 will be a continuation of the 10 trillion yuan 3-month reverse repo, marking the second consecutive month of equal renewal of this policy tool [5] - The decision not to increase the amount of the 3-month reverse repo may relate to the funding needs of financial institutions, indicating that the PBOC is not reducing liquidity injection [5] - There is an expectation of an additional 6-month reverse repo operation in December, with a possibility of an increased amount, as 4 trillion yuan of 6-month reverse repos will also mature [5][6] Group 2: Market Liquidity and Policy Implications - The PBOC aims to inject medium-term liquidity through reverse repos to counter potential tightening of liquidity, supporting government bond issuance and encouraging financial institutions to increase credit [6] - The operation on December 5 is expected to strengthen support for the year-end funding situation, effectively offsetting the maturity of the 10 trillion yuan 3-month reverse repo [6] - The PBOC is likely to utilize both reverse repos and Medium-term Lending Facility (MLF) tools to inject liquidity into the market, with a focus on maintaining a stable funding environment as over 25 trillion yuan of public market operation funds will mature in December [6][7]