1万亿明日落地！买断式逆回购密集加量，短期降准可能性下降

Core Viewpoint - The People's Bank of China (PBOC) is implementing a significant liquidity injection through a 10 trillion yuan reverse repurchase operation to maintain ample liquidity in the banking system, indicating a supportive monetary policy stance amid economic recovery efforts [3][6]. Group 1: Reverse Repo Operations - On February 13, the PBOC will conduct a 10 trillion yuan reverse repurchase operation with a six-month term, marking an increase of 5 trillion yuan compared to the previous month [5][6]. - The total mid-term liquidity injection for February is projected to reach 6 trillion yuan, the highest in three months, as the PBOC aims to stabilize the financial market ahead of the Spring Festival [6][7]. - The PBOC's actions reflect a continuous effort to support key sectors and projects, with an early allocation of new local government debt limits for 2026 [6][8]. Group 2: Economic Context and Implications - The increase in reverse repo operations is a response to heightened liquidity demand due to seasonal factors, such as increased cash withdrawals before the Spring Festival [7][8]. - Analysts suggest that the PBOC's strategy of using reverse repos and medium-term lending facilities (MLF) indicates a commitment to maintaining a moderately loose monetary policy [8][9]. - The larger scale of liquidity injection reduces the likelihood of an immediate reserve requirement ratio (RRR) cut, as the central bank opts for targeted liquidity measures instead [9][10].