刚刚，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 buyout reverse repurchase operation on December 5, 2025, to maintain ample liquidity in the banking system, with a term of 3 months (91 days) [1][7]. Group 1: Reverse Repo Operations - The PBOC's operation on December 5 will be a continuation of the 10 trillion yuan 3-month buyout reverse repo, marking the second consecutive month of this policy tool being maintained at the same level [4][9]. - There will be 10 trillion yuan of 3-month buyout reverse repos maturing in December, indicating a rollover of the same amount [4][9]. - Analysts suggest that the lack of an increase in the 3-month reverse repo may relate to the funding needs of financial institutions, not indicating a reduction in liquidity provision [4][10]. Group 2: Market Conditions and Expectations - The PBOC is expected to inject medium-term liquidity through reverse repos to stabilize the funding environment, especially in light of upcoming government bond issuances and increased loan growth from policy financial tools [5][10]. - In December, there will be 4 trillion yuan of 6-month buyout reverse repos maturing, with expectations for another operation likely to be conducted, possibly with an increase in amount [4][11]. - The total amount of interbank certificates of deposit maturing in December is projected to reach 37 trillion yuan, the highest level of the year, which may tighten liquidity [4][9]. Group 3: Future Operations - Analysts predict that the PBOC will utilize both buyout reverse repos and Medium-term Lending Facility (MLF) tools to continue injecting liquidity into the market [10][11]. - There is an expectation for a 6-month buyout reverse repo operation around December 15, which may be a rollover or an increased amount [11]. - The PBOC is anticipated to conduct operations to counteract over 25 trillion yuan of public market funds maturing in December, focusing on maintaining a stable funding environment [10][11].