1.2万亿元！央行，最新公告！

Core Viewpoint - The People's Bank of China (PBOC) is maintaining liquidity in the banking system through various monetary policy tools, including a significant reverse repurchase operation in April, indicating a potential shift towards more accommodative monetary policy in the coming months [1][4]. Group 1: Reverse Repo Operations - In April, the PBOC conducted a reverse repurchase operation totaling 1.2 trillion yuan, with 700 billion yuan for 3-month terms and 500 billion yuan for 6-month terms [1][3]. - The net withdrawal from the 3-month reverse repo in April was 500 billion yuan, concluding a period of sustained liquidity release since October of the previous year [1][4]. - The reduction in the scale of reverse repo operations does not imply a tightening of market liquidity, as historical trends show a substitutive relationship between reserve requirement ratio cuts and medium-term lending facility (MLF) operations [1][4]. Group 2: Future Expectations - Significant reverse repo maturities are expected in May and June, with 900 billion yuan maturing in May and 5 trillion yuan and 1.4 trillion yuan maturing in June [4]. - Analysts suggest that the reduction in reverse repo operations may signal a forthcoming reserve requirement ratio cut, aimed at injecting long-term liquidity into the market to support bank lending and economic growth [4][5]. - The issuance of special government bonds is set to accelerate in the second and third quarters, which may influence the timing of monetary policy easing [4][5]. Group 3: Government Bonds and Monetary Policy - Government bonds are anticipated to continue increasing in volume in the second quarter, supported by a more diversified liquidity supply through various monetary policy tools [5]. - The PBOC may resume government bond purchases and expand reverse repo operations or implement reserve requirement ratio cuts to ensure adequate liquidity for upcoming bond issuances [5].