Core Viewpoint - The People's Bank of China (PBOC) is implementing a 1.1 trillion yuan reverse repurchase operation to maintain liquidity in the banking system, indicating a supportive monetary policy stance amid potential tightening of liquidity in October [1][3][4]. Group 1: Reverse Repo Operations - On October 9, the PBOC will conduct a 1.1 trillion yuan reverse repurchase operation with a term of 3 months (91 days) [1]. - In October, 800 billion yuan of 3-month reverse repos and 500 billion yuan of 6-month reverse repos are set to mature, leading to a net injection of 300 billion yuan after the new operation [3]. - The continuation of reverse repo operations for both maturities indicates a sustained injection of medium-term liquidity for the fifth consecutive month [3][4]. Group 2: Market Conditions and Government Actions - The government is expected to issue a significant amount of bonds in October, and the National Development and Reform Commission is accelerating the promotion of 500 billion yuan in new policy financial instruments, which will likely increase loan disbursements [4]. - The strong performance of the stock market and the seasonal "migration" of household deposits are anticipated to tighten liquidity, prompting the PBOC's actions to stabilize the financial environment [4][5]. Group 3: Future Expectations - Analysts suggest that the PBOC may conduct another 6-month reverse repo operation in October, with a high likelihood of maintaining the same amount as previous operations [3][5]. - There is a possibility of further liquidity injections to counterbalance the pressure from maturing Medium-term Lending Facility (MLF) loans, with expectations of a stable yet slightly relaxed monetary policy [5][6]. - The PBOC may implement a new round of reserve requirement ratio (RRR) cuts in the fourth quarter, indicating a shift towards more aggressive monetary easing to support economic growth [5][6].
央行出手,1.1万亿买断式逆回购来了
21世纪经济报道·2025-09-30 13:03