人民银行启动买断式逆回购工具点评：直面年末缺口，利率数量归位

Group 1 - The People's Bank of China (PBOC) has introduced a new tool for reverse repos, reflecting its goal to optimize the structure of long-term liquidity tools and establish an efficient interest rate transmission mechanism [1][2] - The new reverse repo tool can have a maturity of up to one year, which will effectively supplement the Medium-term Lending Facility (MLF) and increase long-term liquidity supply at year-end, thereby stabilizing the funding environment [1][2] - The introduction of a bidding mechanism with multiple price levels will help to weaken the policy attributes of MLF rates and improve the efficiency of interest rate transmission from short-term policy rates to long-term market rates [1][2] Group 2 - The PBOC's recent measures aim to address the long-standing issue of insufficient long-term liquidity, particularly at year-end, by reducing reliance on high-cost MLF and enhancing the effectiveness of liquidity provision [1][2] - The new reverse repo tool is expected to reduce the year-end liquidity gap by approximately 500 billion to 1 trillion yuan compared to the same period last year, while maintaining the policy interest rates and Loan Prime Rate (LPR) unchanged before the end of the year [1][2] - The establishment of the new reverse repo tool is anticipated to support the marketization of interest rate transmission mechanisms and stabilize long-term interest rates and the renminbi exchange rate [1][2]