11000亿元等量续作！ 专家：预计月内买断式操作将加量续作

Group 1 - The People's Bank of China (PBOC) will conduct a 1.1 trillion yuan reverse repurchase operation on January 8, 2026, to maintain ample liquidity in the banking system, marking the third consecutive month of the same amount of operation [1] - The 1.1 trillion yuan reverse repurchase operation on January 8 corresponds to the maturity of the same amount of 3-month reverse repos, indicating a continuation of liquidity support [1] - Analysts suggest that the lack of an increase in the 3-month reverse repurchase operation may relate to the funding needs of financial institutions, and does not indicate a reduction in liquidity provision by the PBOC [1] Group 2 - The early issuance of the 2026 local government debt limit aims to support funding needs for major projects and bolster economic recovery, leading to a significant scale of government bond issuance in January [2] - The completion of 500 billion yuan in new policy financial tools in October 2025 is expected to drive rapid growth in loans in January, enhancing the "opening red" effect of credit [2] - The PBOC is likely to inject medium-term liquidity through reverse repos to counter potential tightening of liquidity, while also signaling continued supportive monetary policy [2]