央行官宣，6000亿元！
Zhong Guo Ji Jin Bao·2025-12-12 12:16

Core Viewpoint - The People's Bank of China (PBOC) will conduct a 600 billion yuan reverse repurchase operation on December 15, 2025, to maintain ample liquidity in the banking system, marking the fourth consecutive month of increased reverse repo operations [1] Group 1: Reverse Repo Operations - The PBOC will implement a 600 billion yuan buyout reverse repo operation with a six-month term, which is an increase of 200 billion yuan compared to the previous month [1] - In December, there will be a total of 4 trillion yuan in six-month reverse repos maturing, indicating a net increase in liquidity through this operation [1] - The total increase in reverse repo operations for December is 200 billion yuan, which is a decrease of 300 billion yuan compared to the previous month, reflecting a continued injection of medium-term liquidity for the seventh consecutive month [1] Group 2: Market Analysis - Analysts suggest that the PBOC's actions are aimed at countering potential liquidity tightening due to several factors, including the issuance of local government bonds and the maturity of interbank certificates of deposit [2] - The PBOC's strategy of injecting liquidity through reverse repos is intended to stabilize market expectations and support government bond issuance [2] - The central bank's approach is seen as a continuation of its "short-term tightening and long-term easing" strategy, aimed at ensuring stable liquidity in the banking system as the year-end approaches [3] Group 3: Future Outlook - There is a possibility of additional medium-term lending facility (MLF) operations in December, as the maturing amount is only 300 billion yuan, which may lead to a continued loose liquidity environment [3] - The central economic work conference has reiterated a supportive monetary policy stance, indicating that the use of various policy tools, including rate cuts, will continue [3] - Overall, the PBOC is expected to utilize both reverse repos and MLF to inject medium-term liquidity into the market throughout December [3]