突发！央行将出手：1万亿元！

Core Viewpoint - The People's Bank of China (PBOC) is taking measures to maintain liquidity in the banking system by conducting a 10 trillion yuan reverse repurchase operation, marking the first such operation at the beginning of the month, aimed at offsetting significant upcoming reverse repo maturities [1][2]. Group 1 - On June 5, the PBOC announced a 10 trillion yuan reverse repurchase operation with a term of 3 months, which is intended to counterbalance the 12 trillion yuan of reverse repos maturing in June [1]. - The PBOC's liquidity injection in May totaled 11,196 billion yuan, reflecting a supportive monetary policy stance [2]. - Since the introduction of reverse repos in October last year, the reliance on Medium-term Lending Facility (MLF) has decreased, with MLF operations shifting to a fixed quantity, interest rate bidding format in March [2][3]. Group 2 - MLF is expected to become a primary channel for medium-term liquidity provision, which could alleviate pressure on banks' net interest margins [3]. - The PBOC has a variety of channels for injecting base currency, including MLF and reverse repos, indicating a moderately accommodative monetary policy [3].