6000亿元！央行宣布：明日操作！

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 600 billion yuan reverse repurchase operation on October 15, 2025, to maintain ample liquidity in the banking system, marking the fifth consecutive month of increased reverse repo operations [1][3]. Group 1: Reverse Repo Operations - On October 15, the PBOC will conduct a fixed quantity, interest rate tender, multi-price reverse repurchase operation amounting to 600 billion yuan with a term of 6 months (182 days) [1][4]. - Cumulatively, the PBOC will have conducted 1.7 trillion yuan in reverse repurchase operations in October, despite 1.3 trillion yuan in maturing amounts, indicating a proactive approach to liquidity management [3][4]. - The PBOC's continuous reverse repo operations since last October aim to fill the medium to long-term funding gap, with a focus on stabilizing market expectations [1][4]. Group 2: Monetary Policy and Market Impact - The PBOC's monetary policy committee emphasized maintaining ample liquidity during its third-quarter meeting, suggesting ongoing support for the market through various monetary policy tools in the fourth quarter [3][4]. - Analysts expect that if funding pressures increase in October, the PBOC may continue to increase the volume of Medium-term Lending Facility (MLF) operations, which have already seen seven consecutive months of increased issuance [4]. - The potential resumption of government bond trading by the PBOC is viewed positively by market participants, as it may help boost market confidence amid a generally weak sentiment in the bond market [4].