买断式逆回购将迎连续7月续作 多工具配合提升流动性管理效果

Core Viewpoint - The People's Bank of China (PBOC) announced a 600 billion yuan reverse repurchase operation to maintain liquidity in the banking system, continuing a trend of liquidity support for seven consecutive months [1] Group 1: Liquidity Management - The PBOC will conduct a fixed-quantity, interest-rate tender reverse repurchase operation of 600 billion yuan with a six-month term on December 15 [1] - This operation is part of a broader strategy to keep liquidity ample, aligning with the central economic work conference's directive to maintain sufficient liquidity [1] - The PBOC has effectively managed short-term fluctuations in fiscal revenue and government bond issuance through various tools, ensuring overall stability in the money market [1] Group 2: Tools and Framework - Various liquidity management tools are employed by central banks globally, categorized into four levels: intraday support, daily supply, temporary supply, and structural supply [2] - China's liquidity tool system aligns with international frameworks, with tools like automatic pledge financing and medium-term lending facilities (MLF) corresponding to daily and structural liquidity needs [2][3] - The management logic of these tools, including counterparty selection and collateral management, is consistent with international practices, focusing on high liquidity and low-risk assets [3] Group 3: Future Expectations - An additional 300 billion yuan in MLF is set to mature on December 25, with expectations for continued operations to inject medium-term liquidity into the market [3] - MLF has maintained a trend of increased operations for nine consecutive months as of November [3]