1.1万亿元买断式逆回购，保障岁末年初金融市场平稳运行

Group 1 - The People's Bank of China (PBOC) announced a 1.1 trillion yuan reverse repurchase operation with a term of 3 months, aimed at maintaining market liquidity and ensuring stable financial operations at the year's end [1][6] - The reverse repurchase operation is expected to achieve net liquidity injection, counteracting the 1.1 trillion yuan of 3-month reverse repos maturing this month [1][3] - The PBOC's use of the reverse repurchase tool is part of a broader strategy to manage liquidity effectively, especially during critical periods such as year-end and cross-quarter transitions [2][6] Group 2 - The PBOC has been utilizing the reverse repurchase and Medium-term Lending Facility (MLF) since 2025 to provide medium to long-term liquidity [2][6] - The current financial market is relatively liquid, which is why the PBOC did not increase the amount in the latest reverse repurchase operation, indicating that liquidity support remains robust [3][7] - Analysts expect that the PBOC will conduct additional operations, including a 6-month reverse repurchase and MLF operations, to further support liquidity in the market [3][7] Group 3 - The PBOC's 2026 work meeting emphasized the continuation of a moderately loose monetary policy, focusing on enhancing macro policy effectiveness and supporting high-quality economic development [4][9] - The central bank aims to maintain a stable liquidity environment to support economic growth and financial market stability, leveraging a comprehensive set of liquidity management tools [4][9] - The PBOC plans to use various monetary policy tools flexibly to ensure that the growth of social financing and money supply aligns with economic growth and price stability targets [5][9]