央行今日将开展9000亿元买断式逆回购操作

Core Viewpoint - The People's Bank of China (PBOC) is conducting a 900 billion yuan reverse repurchase operation to maintain liquidity in the banking system, marking the eighth consecutive month of net injection through this method [1]. Group 1: Monetary Policy Actions - On January 15, the PBOC will implement a fixed-quantity, interest-rate tendering, multi-price bidding reverse repurchase operation amounting to 900 billion yuan, with a term of 6 months (181 days) [1]. - Following this operation, the central bank will continue with an additional 300 billion yuan of 6-month reverse repos in January 2026, indicating ongoing support for liquidity [1]. - The operation aims to assist in the issuance of local government bonds and to mitigate potential liquidity disturbances from tax payments and reserve requirements in January [1]. Group 2: Market Implications - The issuance of local government bonds is being accelerated, which may disrupt the banking system's liquidity due to the large supply [1]. - Analysts suggest that the PBOC's actions are intended to encourage financial institutions to increase monetary credit while maintaining a supportive monetary policy stance [1]. - The PBOC has a variety of channels for injecting base currency, including medium-term lending facilities (MLF) and open market operations, with expectations of potential MLF renewals in January [1].