时隔近三个月，央行重启1000亿元14天期逆回购操作｜快讯

Core Viewpoint - The People's Bank of China (PBOC) has resumed 14-day reverse repurchase operations for the first time in nearly three months, indicating a proactive approach to manage liquidity as the year-end approaches [1]. Group 1: Reverse Repo Operations - 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 last 14-day reverse repo operation was conducted on September 26, highlighting the significance of this recent action [1]. - The scale of the 14-day reverse repo operation is slightly above the average level of the past few years, reflecting the financial institutions' demand for funds and the PBOC's liquidity control objectives [1]. Group 2: Market Stability and Liquidity Management - The resumption of the 14-day reverse repo is aimed at smoothing out liquidity fluctuations due to year-end factors such as bank assessments, fiscal revenue and expenditure, and cash withdrawals by residents [1]. - This operation is expected to help stabilize market expectations and facilitate the transmission of monetary policy [1]. - The PBOC is likely to continue conducting both 7-day and 14-day reverse repo operations to effectively manage short-term liquidity fluctuations as the year-end approaches [1].