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 reverse repurchase operation of 1.1 trillion yuan 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 will mature, and there is an expectation for an increase in the 6-month reverse repo operations to maintain liquidity [1] - Analysts suggest that the PBOC's actions are aimed at stabilizing the funding environment in response to potential liquidity tightening due to government bond issuances [1] Group 2 - The Ministry of Finance has completed the first batch of 2026 discount treasury bond auctions, with local governments also beginning to issue special bonds, indicating a significant increase in government bond issuance at the start of the year [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] - There is an estimated liquidity gap of approximately 1.3 trillion yuan in January, prompting the PBOC to potentially use reverse repos and other monetary policy tools to ensure reasonable liquidity levels [2]