买断式逆回购等量续作不改宽松基调，6个月期工具加量可期

Group 1 - The People's Bank of China (PBOC) will conduct a 1.1 trillion yuan (approximately 160 billion USD) three-month reverse repurchase operation to maintain ample liquidity in the banking system [2][3] - The operation on January 8 is a complete hedge against the 1.1 trillion yuan reverse repurchase that is maturing, indicating a rollover without increasing the amount [3] - Analysts suggest that the lack of an increase in the reverse repurchase amount is due to a reduction in year-end liquidity pressure and the upcoming seasonal liquidity pressure before the Spring Festival [3] Group 2 - The PBOC's actions are aimed at ensuring funding for key projects and supporting economic recovery, with a new local government debt limit for 2026 already set [4] - There is an expectation of a significant issuance of government bonds in January 2026, which will contribute to a tightening of liquidity [4] - The PBOC is likely to continue injecting medium-term liquidity through reverse repos to stabilize the funding environment, reflecting a commitment to maintaining a moderately loose monetary policy [4][5] Group 3 - The PBOC is expected to utilize both reverse repos and Medium-term Lending Facility (MLF) tools in January to inject liquidity into the market [5] - The overall monetary policy for 2026 is characterized by a continuation of a moderately loose stance, aiming to keep liquidity abundant [5]