大消息！央行宣布：7000亿元

Group 1 - The People's Bank of China (PBOC) will conduct a 700 billion yuan reverse repurchase operation on November 5, 2025, to maintain ample liquidity in the banking system, with a term of 3 months (91 days) [2] - In November, there will be 700 billion yuan of 3-month reverse repos maturing, indicating that the operation is a continuation of the same amount [2] - An additional 300 billion yuan of 6-month reverse repos is expected to mature in November, with a high likelihood of another 6-month operation being conducted, suggesting a continuous injection of medium-term liquidity for the sixth consecutive month [2] Group 2 - The PBOC's net purchase of government bonds in October was 20 billion yuan, reflecting a cautious approach to avoid rapid declines in interest rates while stabilizing market expectations [3] - The upcoming maturity of 300 billion yuan in 6-month reverse repos and 900 billion yuan in Medium-term Lending Facility (MLF) suggests that the PBOC may increase net purchases of government bonds to offset the pressure from other monetary tools maturing [3] - The PBOC's policy stance is expected to remain stable yet slightly accommodative, utilizing both reverse repos and MLF to inject medium-term liquidity into the market [3] Group 3 - The introduction of the reverse repurchase agreement by the PBOC in October 2024 has become a key tool for medium to long-term liquidity supply, with net injections from reverse repos surpassing those from MLF this year [4] - The reverse repurchase agreement is primarily targeted at primary dealers in the open market and is conducted monthly with a maximum term of 1 year [4]