央行大动作！明日，10000亿元

Core Viewpoint - The People's Bank of China (PBOC) is conducting a 1 trillion yuan reverse repurchase operation with a term of 3 months, reflecting a strategy to support liquidity in the banking system and manage year-end funding needs [1][6]. Group 1: Reverse Repo Operations - On December 5, the PBOC will conduct a 1 trillion yuan buyout reverse repo operation with a 3-month term, which is a continuation of similar operations in September and November [1][2]. - The December operation is expected to maintain liquidity levels as there is a total of 1.4 trillion yuan in reverse repos maturing this month, with expectations for additional operations [2][6]. - The fixed quantity, interest rate bidding, and multiple price winning mechanism of the reverse repo operation allows institutions to reflect their funding needs more accurately [6][7]. Group 2: Liquidity Management - The PBOC has been actively managing medium to long-term liquidity through various operations, including reverse repos and medium-term lending facilities (MLF) [5][7]. - The central bank's strategy of "short-term withdrawal and long-term injection" aims to stabilize market expectations and prevent excessive short-term liquidity accumulation [7]. - In November, the PBOC net injected 650 billion yuan of medium to long-term liquidity while withdrawing 556.2 billion yuan through 7-day reverse repos, indicating a balanced approach to liquidity management [7]. Group 3: Market Expectations - Analysts suggest that the current liquidity environment in December is stable, with fewer disturbances, similar to previous months [6]. - The PBOC's actions are seen as a proactive measure to avoid liquidity gaps due to maturing funds, especially as the month progresses [6][7]. - The ongoing operations are expected to guide the banking system towards a stable and ample liquidity state, addressing potential tightening pressures [6].