10000亿元，央行将出手！

Core Viewpoint - The People's Bank of China (PBOC) will conduct a 10 trillion yuan buyout reverse repurchase operation to maintain ample liquidity in the banking system, with a term of 3 months (91 days) [2][3]. Group 1: Reverse Repo Operation Details - The operation will be conducted on September 5, 2025, using a fixed quantity, interest rate bidding, and multiple price bidding methods [2][3]. - The buyout reverse repo tool was officially launched in October 2024, allowing the central bank to lend funds to the market by purchasing specific bonds from primary dealers, enhancing liquidity management [2][3]. - As of early September 2025, the PBOC has conducted multiple buyout reverse repo operations [2]. Group 2: Reasons for the Operation - The operation is aimed at addressing liquidity tightening due to the peak issuance of government bonds in September and the maturity of 3.5 trillion yuan in interbank certificates of deposit [4][5]. - The PBOC's continuous injection of medium-term liquidity is intended to stabilize market expectations and support government bond issuance [5]. Group 3: Future Expectations - Analysts predict that the liquidity gap in September may narrow compared to August, with the possibility of a reserve requirement ratio (RRR) cut and the resumption of government bond trading in the fourth quarter [5][7]. - The PBOC is expected to conduct another 6-month buyout reverse repo operation in September, along with potential increases in the volume of medium-term lending facility (MLF) operations [7].