11000亿落地！央行公告开展3个月期买断式逆回购

Group 1 - The People's Bank of China (PBOC) will conduct a 1.1 trillion yuan buyout reverse repurchase operation with a term of 3 months, indicating a continuation of liquidity support for the third consecutive month [1] - The 1.1 trillion yuan 3-month buyout reverse repurchase operation on January 8 corresponds to the same amount maturing on the same day, suggesting a rollover of liquidity [1] - Analysts expect the PBOC to conduct another 6-month buyout operation in January, as there is an additional 600 billion yuan maturing, which would further inject medium-term liquidity into the market [1] Group 2 - To support major projects and economic recovery, the new local government debt limit for 2026 has been set, indicating that government bonds will be issued in January [2] - The completion of 500 billion yuan in new policy financial tools in October 2025 is expected to drive rapid growth in loans in January, enhancing the "opening red" effect of credit [2] - The PBOC is likely to use both buyout reverse repos and Medium-term Lending Facility (MLF) tools in January to maintain a moderately loose monetary policy and ensure ample liquidity in the market [2]