央行开展1.1万亿元买断式逆回购等量续作，护航资金面平稳

Group 1 - The People's Bank of China (PBOC) announced a significant operation to conduct a 1.1 trillion yuan reverse repo on January 8, with a fixed amount and interest rate, and multiple price levels for bidding [1] - This operation has a term of 3 months (90 days) and is intended to maintain liquidity in the banking system amid a peak in government bond issuance [1] - The PBOC's actions are aimed at ensuring stable liquidity in the banking system, especially with the anticipated increase in government bond supply and fiscal spending [1][3] Group 2 - Analysts indicate that the liquidity gap in January is approximately 1.3 trillion yuan, primarily due to government bond supply, corporate tax payments, and bank reserve requirements [3] - There is an expectation that the PBOC will conduct another 6-month reverse repo operation in January, which would continue the trend of injecting medium-term liquidity into the market for the eighth consecutive month [3][4] - The PBOC is likely to use a combination of reverse repos and Medium-term Lending Facility (MLF) to stabilize liquidity in the banking system [4]