10000亿元！央行明日将开展买断式逆回购操作

Core Viewpoint - The People's Bank of China (PBOC) announced a 1 trillion yuan reverse repo operation to inject medium-term liquidity into the banking system, marking the ninth consecutive month of net reverse repo injection [1][3]. Group 1: Reverse Repo Operations - On February 12, the PBOC will conduct a 1 trillion yuan reverse repo operation with a term of 6 months, using a fixed quantity and interest rate bidding method [1]. - In February, the PBOC has conducted a total of 1.8 trillion yuan in reverse repo operations, with a net injection of 600 billion yuan after accounting for 1.2 trillion yuan in maturing operations [3]. - The increase in net reverse repo injection in February is primarily aimed at countering potential liquidity tightening, especially with the upcoming Spring Festival and government bond issuances [3]. Group 2: Market Expectations and Tools - Analysts expect the PBOC to utilize various tools, including Medium-term Lending Facility (MLF) and structural instruments, to maintain liquidity in the market [4]. - The MLF is anticipated to continue with equal or slightly increased amounts, providing stable expectations for financial institutions amid ongoing pressure on net interest margins [4]. - The PBOC is committed to using a combination of reverse repos and MLF to ensure sufficient medium-term liquidity in the market [4].