加量续做 央行开展8000亿元买断式逆回购

Core Viewpoint - The People's Bank of China (PBOC) is increasing the amount of reverse repos to maintain liquidity in the banking system, with an operation of 800 billion yuan scheduled for February 4, 2023, marking the first increase in four months for the three-month reverse repo [1] Group 1 - On February 3, the PBOC announced a reverse repo operation of 800 billion yuan with a term of three months (91 days) to ensure ample liquidity in the banking system [1] - The operation represents an increase of 100 billion yuan compared to the 700 billion yuan of three-month reverse repos maturing in February [1] - This is the first increase in the three-month reverse repo in four months, indicating the central bank's intention to inject medium-term liquidity into the market [1] Group 2 - Since 2025, the PBOC has primarily utilized reverse repos and Medium-term Lending Facility (MLF) operations for medium to long-term liquidity supply [1] - The central bank has also conducted public market operations involving government bonds for three consecutive months since October of the previous year to inject long-term liquidity [1] - The increase in local government debt limits for 2026 has been announced in advance, suggesting that there will still be a certain scale of government bond issuance despite the upcoming Spring Festival holiday in February [1]