11000亿元！央行公布将开展买断式逆回购操作

Core Viewpoint - 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 this policy tool being implemented at the same amount [1][6]. Group 1: Reverse Repo Operations - On January 8, 2026, the PBOC will carry out a fixed quantity, interest rate tender, multi-price bidding reverse repurchase operation amounting to 1.1 trillion yuan, with a term of three months (90 days) [1]. - The operation on January 8 will coincide with the maturity of another 1.1 trillion yuan three-month reverse repurchase, indicating a continuation of the same amount for the third month in a row [6]. - The decision not to increase the amount of the three-month reverse repurchase may relate to the funding demand structure of financial institutions, and does not indicate a reduction in liquidity provision by the PBOC [6]. Group 2: Liquidity Management Tools - The PBOC has established a comprehensive set of liquidity management tools to effectively respond to short-term fluctuations in fiscal revenue, government bond issuance, and maintain overall stability in the monetary market [6]. - Recent innovations in liquidity management include incorporating government bond trading into the monetary policy toolbox and creating two new monetary policy tools to support the capital market, which will enhance the effectiveness of liquidity management [6]. - The liquidity tool system in China aligns with international practices, covering a range of tools that support daily liquidity supply and temporary liquidity needs, reflecting a professional and effective monetary policy adjustment [7].