10000亿元，央行出手！

Core Viewpoint - The People's Bank of China (PBOC) is conducting a 1 trillion yuan buyout reverse repurchase operation to maintain liquidity in the banking system, indicating a supportive monetary policy stance amid tightening liquidity conditions [2][3][4]. Group 1: Reverse Repo Operations - On September 5, the PBOC will conduct a 1 trillion yuan buyout reverse repurchase operation with a term of 3 months (91 days) [2]. - The buyout reverse repo tool, launched in October 2024, allows the central bank to lend funds to the market by purchasing specific bonds from primary dealers, enhancing liquidity management [3]. - As of early September 2025, the PBOC has conducted multiple buyout reverse repo operations, with the current operation aimed at stabilizing market expectations and supporting government bond issuance [3][6]. Group 2: Market Conditions and Expectations - In September, the government bond issuance is at a peak, with commercial bank interbank certificates maturing at 3.5 trillion yuan, the second-highest level of the year [3]. - Analysts predict that the liquidity gap in September may narrow compared to August, with limited government bond supply disturbances expected [3][4]. - The PBOC is likely to implement a reserve requirement ratio (RRR) cut in the fourth quarter to maintain liquidity and encourage bank lending [4]. Group 3: Future Operations and Coordination - The PBOC is expected to conduct another 300 billion yuan 6-month buyout reverse repo operation in September, along with potential increases in medium-term lending facility (MLF) operations [6]. - A recent meeting between the Ministry of Finance and the PBOC emphasized the importance of coordinating fiscal and monetary policies to support economic recovery and ensure the smooth operation of the bond market [6].