央行出手：10000亿元！明日注入市场

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 10 billion yuan buyout reverse repurchase operation on September 5, 2025, to maintain liquidity in the banking system, which is equivalent to a rollover of the same amount of reverse repos maturing on that date [1][6]. Group 1: Monetary Policy Actions - On September 5, 2025, the PBOC will implement a buyout reverse repurchase operation of 10 billion yuan with a term of 3 months (91 days) [1]. - This operation is aimed at ensuring that the banking system remains sufficiently liquid, especially as 10 billion yuan of 3-month reverse repos will mature on the same day [1][6]. - The PBOC is expected to continue the previous three months' pattern of increasing buyout reverse repos to counteract tightening liquidity conditions [6]. Group 2: Market Context - The government bond issuance is anticipated to peak in September, which necessitates the PBOC's intervention to support liquidity [6]. - The total amount of commercial bank interbank certificates of deposit maturing in September is projected to reach 35 billion yuan, marking the second-highest level of the year [6]. - The current bullish trend in the stock market has led to a noticeable "funds migration" phenomenon among residents, contributing to tighter liquidity conditions [6]. Group 3: Reverse Repo Mechanism - The buyout reverse repo mechanism was introduced in October 2024, allowing the PBOC to lend funds by purchasing bonds from primary dealers to inject liquidity into the market [7]. - This tool enhances the ability to adjust liquidity across different periods within one year, improving the precision of liquidity management [7].