加量3000亿元，央行明日开展9000亿元买断式逆回购操作｜快讯

Group 1 - The People's Bank of China (PBOC) will conduct a 900 billion yuan reverse repo operation on January 15, 2026, to maintain ample liquidity in the banking system, marking the fifth consecutive month of increased reverse repo operations [1] - The operation will involve a fixed amount and interest rate bidding, with a term of six months (181 days), and is an increase of 300 billion yuan compared to the previous month, which aligns with market expectations [1] - In January, the total increase in reverse repo operations for both six-month and three-month terms is 300 billion yuan, with the three-month reverse repo being a rollover of 11 trillion yuan [1] Group 2 - Analysts suggest that the PBOC will continue to use reverse repos and Medium-term Lending Facility (MLF) tools to inject medium-term liquidity into the market, reflecting a continuation of the 'moderately loose' monetary policy in 2026 [2] - There is an expectation that the demand for counter-cyclical adjustment policies may decrease in the short term due to the effectiveness of growth-stabilizing policies and strong external demand, which could delay expectations for a reserve requirement ratio (RRR) cut [2]