中国人民银行等量续做3个月期买断式逆回购

Group 1 - The People's Bank of China (PBOC) announced a reverse repurchase operation of 1 trillion yuan with a 3-month term to maintain liquidity in the banking system [1] - The operation is a continuation of the 1 trillion yuan 3-month reverse repos maturing this month, indicating no increase in the amount, which may relate to the funding needs of financial institutions [1][2] - In December, there will be an additional 400 billion yuan of 6-month reverse repos maturing, suggesting that the PBOC is likely to increase the amount for this term, leading to a net liquidity injection for both maturities [1][2] Group 2 - Factors contributing to potential liquidity tightening include a high level of government bond issuance, the completion of 500 billion yuan in new policy financial tools, and a large volume of interbank certificates of deposit maturing [2] - The PBOC has been increasing the amount of reverse repos for six consecutive months, with a net injection of 500 billion yuan in November after offsetting maturing repos [2] - The PBOC is expected to also increase the amount for the 300 billion yuan Medium-term Lending Facility (MLF) maturing in December [2] Group 3 - Historical trends indicate that the PBOC typically enhances liquidity net injection in December to ensure stable funding conditions [3] - The PBOC's monetary policy report emphasizes a combination of short and long-term operations to maintain liquidity and stabilize the funding environment at year-end [3]