央行时隔近三月重启14天期逆回购操作

Core Viewpoint - The People's Bank of China (PBOC) has resumed 14-day reverse repos, signaling a flexible and efficient monetary policy aimed at maintaining liquidity stability as the year-end approaches [1][2]. 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 resumption of the 14-day reverse repo operation after nearly three months indicates the PBOC's intention to inject liquidity to balance supply and demand while stabilizing market expectations [1]. Group 2: Liquidity Management - The PBOC has injected a total of 200 billion yuan in medium-term liquidity through reverse repos in December, with expectations of increasing the scale of medium-term lending facilities (MLF) [2]. - The central bank plans to maintain ample liquidity through a combination of various liquidity tools, enhancing the scientific and precise management of short, medium, and long-term liquidity [2]. Group 3: Economic Support - The focus of monetary policy remains on ensuring sufficient liquidity while facilitating the effective transmission of monetary policy to support high-quality economic development [2].