央行，10000亿大动作！就在周五→

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 1 trillion yuan buyout reverse repurchase operation to support liquidity in the banking system, reflecting a strategy to manage liquidity effectively during the year-end period [1][3]. Group 1: Reverse Repo Operations - On December 5, the PBOC will carry out a 1 trillion yuan buyout reverse repo operation with a term of 3 months (91 days), maintaining the same scale as previous operations [1]. - The buyout reverse repo operations in September and November were also conducted as equal-scale renewals, indicating banks' preference to manage liquidity actively at clearer points in the month [2]. - A total of 1.4 trillion yuan in buyout reverse repos will mature in December, with expectations for continued increased operations across different terms [2]. Group 2: Liquidity Management - The current liquidity environment in December is stable, similar to previous months, with fewer disturbances, allowing banks to retain flexibility in managing liabilities [3]. - The PBOC's strategy of "short-term collection and long-term release" aims to stabilize market expectations and support year-end liquidity, with a net injection of 650 billion yuan in medium to long-term liquidity in November [4]. - The PBOC's approach includes a net withdrawal of 556.2 billion yuan in 7-day reverse repos, reflecting a balance between short-term and long-term liquidity management [4].