央行进行1万亿买断式逆回购，等量续作并非降低流动性投放力度

Core Viewpoint - The People's Bank of China (PBOC) is maintaining liquidity in the banking system through a series of reverse repos, with a focus on ensuring stability as year-end financial pressures increase [1][2][3][4]. Group 1: Reverse Repo Operations - On December 5, the PBOC conducted a 1 trillion yuan reverse repo operation, with a 3-month term, to keep liquidity ample in the banking system [1][2]. - A total of 1.4 trillion yuan in reverse repos is set to mature in December, with expectations for additional operations to maintain liquidity levels [1][2]. - Experts 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 support [2][3]. Group 2: Market Conditions and Expectations - The issuance of government bonds is expected to remain high in December, contributing to liquidity demands [2][3]. - The maturity of interbank certificates of deposit is projected to reach 3.7 trillion yuan in December, marking a significant increase compared to previous months [2]. - Analysts predict that the PBOC will likely conduct another 6-month reverse repo operation, with a high probability of increasing the amount to support market liquidity [2][3]. Group 3: Monetary Policy Outlook - The PBOC is expected to maintain a reasonable liquidity level through various operations, including reverse repos and medium-term lending facilities (MLF), to ensure stability during the year-end period [4][5]. - While there is potential for further monetary easing, significant actions like rate cuts may be delayed until early 2026, focusing instead on flexible quantitative tools in the short term [5].