央行重启14天期逆回购操作维护年末资金面平稳

Group 1 - The People's Bank of China (PBOC) conducted a 7-day reverse repurchase operation of 88.3 billion yuan and a 14-day reverse repurchase operation of 100 billion yuan on December 18, aiming to meet year-end funding needs and maintain a stable liquidity environment [1] - The PBOC's decision to resume the 14-day reverse repurchase operation after nearly three months is seen as a measure to directly cover the funding demand during the New Year holiday and to smooth out potential short-term interest rate fluctuations [1] - The adjustment in the reverse repurchase operation structure, moving from a single-price bidding to a multiple-price bidding, reflects a focus on short-term liquidity tools rather than a significant overall easing of monetary policy [1] Group 2 - The PBOC plans to flexibly and efficiently utilize various monetary policy tools, including reserve requirement ratio (RRR) cuts and interest rate reductions, to ensure ample liquidity in the market next year [2] - The combination of various liquidity tools is expected to enhance the scientific and precise management of short, medium, and long-term liquidity, supporting increased credit supply from financial institutions [2] - The ongoing supportive stance of monetary policy is indicated by the continuous reinforcement of quantity-based policy tools [2]