呵护年末流动性，央行时隔近三个月重启14天期逆回购操作

Core Viewpoint - The People's Bank of China (PBOC) has resumed 14-day reverse repos for the first time in nearly three months, signaling a flexible and efficient monetary policy aimed at balancing liquidity supply and demand, and stabilizing market expectations [1] Group 1: Monetary Policy Actions - On December 18, the PBOC conducted a 7-day reverse repo operation of 883 billion yuan and a 14-day reverse repo operation of 1 trillion yuan [1] - The simultaneous execution of both 7-day and 14-day reverse repos indicates a flexible arrangement in terms of maturity structure [1] Group 2: Market Implications - The PBOC's actions are intended to address temporary liquidity gaps in the banking system caused by cash injections and fiscal revenue and expenditure factors, while avoiding potential issues such as fund idling and rising leverage [1] - The focus of monetary policy will remain on creating a stable and suitable financial environment for the real economy, ensuring ample liquidity while effectively guiding funds into key areas and weak links of the national economy [1]