连续第二个月等量续作 央行明日开展10000亿元买断式逆回购操作 ｜快讯

Core Viewpoint - The People's Bank of China (PBOC) announced a 1 trillion yuan reverse repo operation to maintain liquidity in the banking system, indicating a continuation of its monetary policy strategy [1] Group 1: Reverse Repo Operations - On December 5, 2025, the PBOC will conduct a 1 trillion yuan reverse repo operation with a term of 3 months (91 days) using a fixed quantity and multi-price bidding method [1] - This operation is a continuation of the 1 trillion yuan 3-month reverse repo that will mature in December, marking the second consecutive month of equal-scale operations [1] - 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 [1] Group 2: Future Expectations - In December, an additional 400 billion yuan 6-month reverse repo is expected, with a high likelihood of an increased scale operation [1] - The total liquidity injection from both the 3-month and 6-month reverse repos in December will mark the seventh consecutive month of mid-term liquidity support to the market [1] - The PBOC is also expected to utilize the Medium-term Lending Facility (MLF) alongside reverse repos to inject liquidity, although the scale of liquidity injection may decrease from the previous high level of 600 billion yuan per month [1]