央行将开展1.1万亿元买断式逆回购操作！

Group 1 - The People's Bank of China (PBOC) announced a 1.1 trillion yuan reverse repo operation with a term of 3 months, indicating a continuation of liquidity support in the banking system [1] - In January, a total of 1.7 trillion yuan in reverse repos is set to mature, and there is an expectation for an increase in the issuance of 6-month reverse repos to maintain liquidity [1] - Analysts suggest that the PBOC's actions are aimed at stabilizing the funding environment in response to government bond issuance and potential liquidity tightening [1][2] Group 2 - The Ministry of Finance has completed the first batch of 2026 government bond issuances, with local governments also beginning to issue special bonds, indicating a significant increase in government bond supply [2] - Experts predict that the scale of government bonds will further increase in 2026, necessitating the PBOC to implement measures to maintain stable liquidity in the banking system [2] - The liquidity gap in January is estimated to be around 1.3 trillion yuan, primarily due to government bond supply pressures and tax payments, prompting the PBOC to utilize various monetary policy tools to ensure adequate liquidity [2]