冲刺时刻｜央行12月“大手笔”续作1万亿元买断式逆回购，什么信号？

Core Viewpoint - The People's Bank of China (PBOC) is injecting liquidity into the banking system through a 1 trillion yuan reverse repurchase operation, maintaining a stable liquidity environment as the year-end approaches [1][4]. Group 1: Reverse Repo Operations - The PBOC will conduct a 1 trillion yuan buyout reverse repo operation with a term of 3 months, which is a continuation of the previous month's operation, effectively a "same amount rollover" [1][5]. - The buyout reverse repo tool, introduced in October 2024, allows the PBOC to buy bonds from primary dealers and agree to repurchase them later, providing medium-term liquidity to the market [3]. Group 2: Factors Influencing Liquidity - Multiple factors are contributing to liquidity pressure in the banking system, including a significant issuance of local government bonds and the rapid formation of loans linked to new policy financial tools [4]. - The maturity peak of interbank certificates of deposit in December is expected to reach 3.7 trillion yuan, creating additional rollover pressure on banks [4]. Group 3: Future Expectations - The decision to maintain the same amount of reverse repo rather than increasing it may relate to the structure of financial institutions' funding needs, but does not indicate a reduction in liquidity support [5]. - There is a widespread expectation that the PBOC may implement a new round of reserve requirement ratio (RRR) cuts by early 2026, which could further ease liquidity pressures in the banking system [6][7].