连续四个月加量续作，央行今日开展6000亿元买断式逆回购

Group 1 - The central bank 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 repos [1] - The operation will be for a term of 6 months (182 days), with a total of 10 trillion yuan in 3-month reverse repos conducted on December 5, indicating an equal rollover of the same amount [1] - The total increase in reverse repos for December is 200 billion yuan, which is a decrease of 300 billion yuan compared to the previous month, representing the lowest level since August [1] Group 2 - Analysts suggest that the decrease in net financing of government bonds at year-end and the potential for a new round of reserve requirement ratio (RRR) cuts by the central bank early next year are contributing factors to the liquidity situation [2] - The Central Economic Work Conference emphasized the need for a moderately loose monetary policy in 2026, focusing on promoting stable economic growth and reasonable price recovery [2] - There is an expectation for the central bank to inject a significant amount of long-term liquidity, which may lead to a contraction in the net supply of medium-term liquidity in the short term [2]