1.1万亿买断式逆回购节后落地

Core Viewpoint - The People's Bank of China (PBOC) is implementing a significant liquidity injection through a 1.1 trillion yuan reverse repo operation to maintain ample liquidity in the banking system ahead of the holiday season [3][4]. Group 1: Reverse Repo Operations - On October 9, the PBOC will conduct a 1.1 trillion yuan reverse repo operation with a term of 3 months (91 days) [3]. - Prior to this, the PBOC executed a 1 trillion yuan reverse repo operation on September 5 and a 600 billion yuan operation on September 15, both with varying terms [3][4]. - A total of 800 billion yuan in 3-month reverse repos will mature in October, indicating a net increase of 300 billion yuan in the upcoming operation [3]. Group 2: Market Expectations and Analysis - Analysts expect the PBOC to conduct another 6-month reverse repo operation in October, likely maintaining the same amount as previous operations [4]. - Factors such as government bond issuance and seasonal cash demand due to holidays are contributing to a potential liquidity tightening, prompting the PBOC's proactive measures [4][5]. - The PBOC's actions are aimed at stabilizing the funding environment, supporting government bond issuance, and encouraging financial institutions to increase credit supply [5]. Group 3: Future Outlook - The PBOC is expected to continue using both reverse repos and Medium-term Lending Facility (MLF) tools to inject liquidity into the market [5]. - There is an anticipation of a decrease in the scale of net liquidity injections compared to previous months, with a focus on fiscal support and monetary easing in the fourth quarter [5].