央行预告！明天，11000亿

Group 1 - The People's Bank of China (PBOC) will conduct a 1.1 trillion yuan reverse repo operation on January 8, 2026, with a term of 3 months, to maintain ample liquidity in the banking system [1][2] - The operation on January 8 will match the amount of 1.1 trillion yuan in 3-month reverse repos maturing on the same day, marking the third consecutive month of this policy tool being rolled over at the same amount [2] - Analysts suggest that the lack of an increase in the 3-month reverse repo may relate to the funding needs of financial institutions, indicating that the PBOC is not reducing liquidity injection efforts [3] Group 2 - The PBOC is expected to continue injecting medium-term liquidity through reverse repos to stabilize the funding environment, which supports government bond issuance and encourages financial institutions to increase credit supply [3] - The current liquidity injection methods by the PBOC are consistent, with 3-month reverse repos conducted around the 5th of each month, 6-month reverse repos around the 15th, and Medium-term Lending Facility (MLF) operations around the 25th [3] - For the 200 billion yuan MLF maturing in January, it is anticipated that the PBOC will conduct operations around January 25, either rolling over the amount or increasing it to continue providing medium-term liquidity to the market [4]