1.1万亿元买断式逆回购今日落地

Group 1 - The People's Bank of China (PBOC) announced a 1.1 trillion yuan reverse repo operation on January 8, with a term of 3 months, to maintain ample liquidity in the banking system [1] - This operation marks the third consecutive month of maintaining the same amount for the 3-month reverse repo, indicating a consistent monetary policy approach [1] - Analysts suggest that the lack of an increase in the 3-month reverse repo on January 3 does not imply a reduction in liquidity support, but rather reflects the funding needs of financial institutions [1][2] Group 2 - The PBOC is likely 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 [2] - The PBOC's liquidity injection methods have become standardized, with specific timelines for 3-month and 6-month reverse repos and Medium-term Lending Facility (MLF) operations [2] - For the 2 billion yuan MLF maturing in January, it is expected that the PBOC will conduct operations around January 25, potentially maintaining or increasing the amount injected into the market [2]