中国货币政策系列十三：央行逆回购新工具，提高市场流动性

Group 1: Monetary Policy Framework Transition - The People's Bank of China (PBOC) has shifted its monetary policy framework from quantity-based to price-based, enhancing the pricing function of financial elements[2] - Since July 22, 2024, the PBOC has transitioned its monetary policy transmission from "MLF→LPR" to "OMO→LPR," indicating a significant framework change[2] - The introduction of the buyout reverse repo tool aims to improve liquidity management and enhance policy coordination with fiscal measures[2] Group 2: Market Stability and Liquidity Management - The buyout reverse repo tool replaces MLF for medium-term liquidity, providing more flexible liquidity terms under one year[3] - The PBOC's actions are expected to stabilize market expectations and improve the overall stability of the financial market[3] - As of October 2024, the MLF balance stands at CNY 6.79 trillion, with a maturity amount of CNY 2.9 trillion in November and December, accounting for 42.7% of the total[8] Group 3: Risks and Challenges - Short-term economic data volatility poses risks to financial market stability[4] - External liquidity pressures may increase uncertainty, leading to potential market volatility during the internal policy transition[3]