超2万亿逆回购到期，11月资金面迎考

Core Viewpoint - The article discusses the upcoming expiration of over 2 trillion yuan in reverse repos and the implications for the liquidity environment in November, suggesting that the overall funding situation will remain stable due to supportive monetary policies [3][4]. Group 1: Market Operations - The People's Bank of China (PBOC) will see 20,680 billion yuan in reverse repos maturing this week, with specific amounts maturing each day from November 3 to 7 [3][4]. - On November 6, the PBOC conducted a reverse repo operation of 928 billion yuan at a fixed rate of 1.4%, resulting in a net withdrawal of 2,498 billion yuan due to the larger amount of maturing repos [5][6]. - The PBOC is expected to continue using various policy tools to inject medium- to long-term liquidity into the market, including an anticipated 1 trillion yuan in reverse repos and 900 billion yuan in Medium-term Lending Facility (MLF) maturing this month [6][7]. Group 2: Liquidity Analysis - Analysts believe that the liquidity pressure in November will be manageable, with a decrease in tax payments and a significant reduction in the scale of maturing certificates of deposit [7][8]. - Historical data indicates that the relationship between MLF and reverse repos often shows a "one rises, the other falls" pattern, suggesting that the PBOC will balance liquidity through these instruments [9][10]. - The overnight Shibor rate was reported at 1.3130%, showing a slight decrease, while the 7-day Shibor was at 1.4210%, also down slightly, indicating stable funding rates despite the net withdrawals [6][10].