刚刚，重磅来了！10000亿，就在明日

Core Viewpoint - The People's Bank of China (PBOC) will conduct a 10 trillion yuan buyout reverse repurchase operation on December 5, 2025, to maintain ample liquidity in the banking system, marking the second consecutive month of equal volume operations [2]. Group 1 - The PBOC's operation on December 5 will match the 10 trillion yuan of 3-month buyout reverse repos maturing in December, indicating a continuation of liquidity support [2]. - The decision not to increase the volume of the 3-month reverse repos may relate to the funding needs of financial institutions, rather than a reduction in liquidity provision [3]. - There is an expectation of an additional 6-month buyout reverse repurchase operation in December, as 4 trillion yuan of 6-month reverse repos will also mature [2][3]. Group 2 - Factors contributing to potential liquidity tightening include the issuance of 5 trillion yuan in local government bonds and a significant increase in the maturity of interbank certificates of deposit, reaching 37 trillion yuan in December [3]. - The PBOC aims to inject medium-term liquidity through buyout reverse repos to stabilize the funding environment and support government bond issuance [3]. - The central bank's strategy reflects a "short-term tightening, long-term easing" approach to ensure stable liquidity in the banking system as the year-end approaches [3][4]. Group 3 - The PBOC is expected to utilize both buyout reverse repos and Medium-term Lending Facility (MLF) tools to inject liquidity into the market in December [4]. - There is an anticipation of over 25 trillion yuan in open market operation funds maturing in December, which the PBOC will likely counteract through continued operations [4]. - The PBOC is projected to conduct a 6-month buyout reverse repo operation around December 15, with expectations for either equal or increased volume [4].