中国人民银行重启14天期逆回购 护航资金面平稳跨年

Core Viewpoint - The People's Bank of China (PBOC) is actively managing liquidity in the banking system through reverse repurchase agreements, with a focus on maintaining stability amid year-end financial pressures [1][2]. Group 1: Reverse Repo Operations - On December 18, the PBOC conducted a 7-day reverse repo operation of 883 billion yuan at a fixed rate of 1.4%, while also initiating a 14-day reverse repo operation of 1,000 billion yuan [1]. - The net liquidity injection from these operations amounted to 697 billion yuan, considering the maturity of 1,186 billion yuan in 7-day reverse repos on the same day [1]. - The PBOC's adjustment of the 14-day reverse repo operation to a fixed quantity and multi-price bidding method aims to better meet the differentiated funding needs of various institutions [1]. Group 2: Market Stability and Expectations - The PBOC's actions are seen as a response to increased liquidity disturbances due to year-end bank assessments, fiscal expenditures, and cash withdrawals by residents [1][2]. - The maintenance of the 7-day reverse repo rate at 1.4% signals a commitment to stable policy rates, which is beneficial for market expectations [2]. - The simultaneous execution of both 7-day and 14-day reverse repos is intended to satisfy year-end funding demands while preventing excessive liquidity accumulation, reflecting the forward-looking and scientific nature of monetary policy [2]. Group 3: Future Liquidity Management - From December 19 to December 25, a total of 5,218 billion yuan in reverse repos will mature, along with 3,000 billion yuan in Medium-term Lending Facility (MLF) maturing on December 25 [2]. - The PBOC is expected to continue utilizing 7-day and 14-day reverse repos to effectively control short-term liquidity fluctuations [2]. - There are expectations for the PBOC to conduct additional long-term liquidity injections through government bond transactions, potentially increasing the net injection scale beyond the 50 billion yuan seen in November [2].