Core Viewpoint - The People's Bank of China (PBOC) has announced a significant increase in liquidity operations through a buyout reverse repurchase agreement, indicating a proactive approach to maintain ample liquidity in the banking system amid high demand due to upcoming financial obligations [3][4]. Group 1: Liquidity Operations - On June 16, the PBOC will conduct a buyout reverse repurchase operation of 400 billion yuan with a six-month term, marking the second such announcement within a month [1][3]. - The PBOC has been active in reverse repurchase operations for nine consecutive months, with amounts ranging from 500 billion to 1.7 trillion yuan, reflecting a shift in the timing of disclosures from month-end to earlier announcements [3][4]. - The liquidity demand in June is heightened due to a record 4.2 trillion yuan in interbank certificates of deposit maturing, with significant amounts due in the first half of the month [3][4]. Group 2: Market Impact and Policy Signals - The increase in buyout reverse repurchase operations is aimed at stabilizing the banking system's liquidity during a peak period of government bond issuance and maturing interbank certificates [4]. - The PBOC's actions signal a commitment to using quantitative monetary policy tools to support credit expansion and enhance counter-cyclical adjustments [4]. - Recent data shows that overnight funding rates have stabilized around 1.4%, with the seven-day funding rate between 1.5% and 1.65%, indicating a controlled liquidity environment [5]. Group 3: Future Expectations - Analysts expect that the liquidity fluctuations at the end of the quarter will be manageable, with the PBOC likely to continue utilizing various monetary policy tools to ensure reasonable liquidity across different maturities [5]. - The anticipated government bond issuance pressure in June is expected to be lower than in May, suggesting a balanced approach to managing liquidity and maturing monetary policy tools [5].

Report Summary 1. Core View - Treasury bond futures maintained a narrow - range oscillation last week with a slight upward movement throughout the week. The overall implementation of broad credit still needs time, while the trend of broad money remains unchanged. Although treasury bond futures have been oscillating higher recently, the overall trend in the future is still expected to be oscillatory. Attention should be paid to arbitrage strategies, as well as allocation and hedging needs [2]. 2. Section Summaries 2.1. Weekly Focus and Market Tracking - Treasury bond futures contracts oscillated upward this week. The TL contract had a relatively large increase due to fluctuations in the overall market's risk appetite, and the yield curve flattened again. In terms of basis characteristics, the basis trend was stable, and the IRR of the main contract was basically between 1.8 - 1.9, still higher than the funding rate but with reduced cost - effectiveness. Regarding the inter - delivery spread, the 09 - 12 combination rebounded slightly, reflecting a decline in market sentiment. Currently, market liquidity is limited and not suitable for operation. In terms of the curve structure, opportunities for the curve to steepen should be noted [3][5]. 2.2. Liquidity Monitoring and Curve Tracking - No specific summarized content provided in the report. 2.3. Seat Analysis - In terms of the daily change in net long positions by institutional type: private funds increased by 2.15%; foreign capital increased by 2.86%, and wealth management subsidiaries increased by 2.67%. In terms of weekly changes: private funds increased by 1.4%; foreign capital decreased by 3.33%, and wealth management subsidiaries decreased by 3.86% [9].

业内专家表示，考虑到6月全月共有1.2万亿元买断式逆回购到期，全月将实现买断式逆回购净投放。 6月初，中国人民银行公告开展1万亿元3个月期买断式逆回购操作，为保持全月总体流动性充裕营造良 好基础。此举也打破了以往月末公告当月相关操作数据的惯例，让市场吃下定心丸。 "本次买断式逆回购操作后，6月将实现5000亿元3个月期买断式逆回购净投放，以及3000亿元6个月期买 断式逆回购净回笼，共计2000亿元资金净投放。"中信证券首席经济学家明明表示，预计6月政府债发行 压力或低于5月，但考虑到既要对冲政府债发行压力，又要兼顾货币工具到期续作，预计6月中期借贷便 利（MLF）也可能延续净投放。 东方金诚首席宏观分析师王青也表示，在5月人民银行降准释放约10000亿元长期流动性基础上，6月买 断式逆回购加量，继续加大中期流动性投放，一方面有助于在政府债券持续大规模发行以及近月银行同 业存单到期规模处于"高峰期"阶段，保持银行体系流动性持续处于充裕状态，控制资金面波动；另一方 面，这也释放了数量型货币政策工具持续加力的政策信号，有助于推动宽信用进程，强化逆周期调节。 最后，买断式逆回购操作从月末披露到提前发布，显示货币政策 ...

6月买断式逆回购将实现净投放！中国人民银行6月13日发布的公告显示，为保持银行体系流动性充裕， 6月16日将以固定数量、利率招标、多重价位中标方式开展4000亿元买断式逆回购操作，期限为6个月。 业内专家表示，考虑到6月全月共有1.2万亿元买断式逆回购到期，全月将实现买断式逆回购净投放。 6月初，中国人民银行公告开展1万亿元3个月期买断式逆回购操作，为保持全月总体流动性充裕营造良 好基础。此举也打破了以往月末公告当月相关操作数据的惯例，让市场吃下定心丸。 "本次买断式逆回购操作后，6月将实现5000亿元3个月期买断式逆回购净投放，以及3000亿元6个月期买 断式逆回购净回笼，共计2000亿元资金净投放。"中信证券首席经济学家明明表示，预计6月政府债发行 压力或低于5月，但考虑到既要对冲政府债发行压力，又要兼顾货币工具到期续作，预计6月中期借贷便 利（MLF）也可能延续净投放。 "6月处于半年末流动性考核的关键节点，叠加同业存单大规模到期等因素，全月金融机构对流动性需求 较高。"业内专家表示，中国人民银行提前提供中期资金支持，体现了对市场的呵护。预计下一步中国 人民银行将综合运用多种货币政策工具，保持流动性合理 ...

Core Viewpoint - The People's Bank of China (PBOC) is implementing a buyback reverse repurchase operation of 400 billion yuan to maintain ample liquidity in the banking system, indicating a proactive approach to monetary policy amid significant government bond issuance and high maturity of interbank certificates of deposit [1][2] Group 1: Monetary Policy Actions - On June 16, the PBOC will conduct a buyback reverse repurchase operation of 400 billion yuan with a six-month term [1] - In June, the PBOC has already announced two buyback reverse repurchase operations totaling 10,000 billion yuan for three months and 4,000 billion yuan for six months, with additional maturities of 5,000 billion yuan and 7,000 billion yuan respectively [1] - This results in a net injection of 200 billion yuan in reverse repurchase operations by June 16 [1] Group 2: Economic Implications - The increase in reverse repurchase operations is aimed at ensuring liquidity in the banking system during a peak period of interbank certificate maturities and large-scale government bond issuance [1] - The actions signal a commitment to using quantitative monetary policy tools to support credit expansion and enhance counter-cyclical adjustments [1] - The transparency of monetary policy operations has improved, which is expected to better guide and stabilize market expectations [1]

Group 1 - The People's Bank of China (PBOC) will conduct a 400 billion yuan reverse repurchase operation on June 16, with a term of 6 months, to maintain ample liquidity in the banking system [1] - Earlier in June, the PBOC announced a 1 trillion yuan reverse repurchase operation for 3 months, establishing a solid foundation for overall liquidity throughout the month [1] - By June 16, the PBOC will implement a net injection of 200 billion yuan in reverse repurchase operations, considering the maturity of 5 trillion yuan in 3-month and 7 trillion yuan in 6-month reverse repos [1] Group 2 - Experts indicate that June is a critical period for liquidity assessment, with high demand for liquidity from financial institutions due to the large-scale maturity of interbank certificates of deposit [2] - The PBOC is expected to continue using various liquidity management tools, including reverse repos and medium-term lending facilities (MLF), to ensure sufficient liquidity in the banking system [2] - This approach is crucial for increasing the availability of credit to enterprises and households, as well as reducing financing costs for the real economy [2]

数据显示，上周大型银行净买入829亿元国债。 这背后，是央行的万亿买断式逆回购操作缓解了大型银行的负债端资金压力，令他们的配债需求再度得 到释放。 一位城商行理财子公司投资部人士张辉向记者透露，受5月20日大型银行调降存款利率导致存款搬家与 负债端资金压力增加影响，大型银行在5月最后一周不得不卖出国债筹资，但随着央行开展1万亿买断式 逆回购操作，上周大型银行回补国债头寸的意愿与力度双双骤增。 6月6日央行开展1万亿买断式逆回购操作，迅速改变了大型银行的债券交易策略。 "上周，有些大行几乎每个交易日都在净买入国债。所幸债券投资机构都在认购大量科技创新债券，导 致债券买入竞争程度相对较低。"他告诉记者。本周以来，大型银行回补国债的趋势仍在延续，尤其是 短期国债的购买力度相当旺盛。 截至6月10日收盘，受大型银行持续买债等因素影响，10年期国债收益率达到1.68%，上周以来累计下 行3个基点。与此同时，1年期国债收益率下行幅度更高，上周以来累计下行约5个基点，报收在1.4%。 这背后，是大型银行突然对短期国债"情有独钟"。 上周，大型银行净买入的829亿元国债里，1年期以下的国债净买入量达到207亿元，1—3年期国 ...

债市延续暖势，收益率曲线陡峭化下移 ——利率债周报（2025.6.2-2025.6.8） 作者 东方金诚 研究发展部 关注东方金诚公众号 获取更多研究报告 核心观点 ⚫ 上周债市延续暖势，收益率曲线陡峭化下移。上周（6 月 2 日当 周）海外关税政策不确定性延续，为债市提供支撑。同时，尽 管大量同业存单陆续到期，但央行首次提前公告买断式逆回购 操作，加之首次披露月度各项工具流动性投放情况，释放加强 预期管理信号，市场资金宽松预期进一步强化，对债市产生利 多影响。在此背景下，上周长债收益率整体下行。短端利率方 面，月初资金面均衡偏松，带动债市短端利率下行，且下行幅 度大于长端，收益率曲线趋于陡峭化。 本周（6 月 9 日当周）债市料延续偏强震荡。从基本面来看， 本周将陆续公布5月通胀、贸易以及金融数据。其中，5月CPI 和 PPI 同比仍处负值区间，反应居民消费信心不足，内需整体 疲弱，同时，受海外关税政策反复影响，外需整体走弱， 5 月 出口增速有所放缓，基本面对债市影响将偏利多。从资金面来 看，尽管本周逆回购与存单到期规模较大，但央行提前开展 1 万亿买断式逆回购操作予以对冲，释放"呵护"信号，资金面 有望 ...

1年期AAA级大额可转让定期存单利率较5月8日上行3.5个基点。这一变化引发部分投资者对资金面进一步收敛的担忧。在月末叠加跨季等因素影响下，年中 流动性供求矛盾通常较为突出。央行通过买断式逆回购向银行体系供给万亿元基础货币，有效夯实了资金面充裕的基础。 6月通常是信贷投放的高峰期，金融机构资金需求量较大。将买断式逆回购操作时间提前至6月6日，有助于金融机构根据自身资金需求及时参与招标。这种 前瞻性安排为金融机构提前做好流动性管理创造了条件，确保半年度市场流动性保持充裕状态。 释放宽松政策信号的战略考量 央行于6月5日发布重磅公告，宣布将在6月6日开展10000亿元买断式逆回购操作。这一举措打破了以往月末公告的惯例，改为月初提前预告。操作期限为3个 月，采用固定数量、利率招标、多重价位中标方式进行。 此次操作标志着央行货币政策工具运用的重要变化。买断式逆回购作为2024年10月启用的新工具，与传统质押式逆回购不同，债券所有权在操作期间发生转 移。央行同时在官网新设"中央银行各项工具操作情况"栏目，披露5月各项工具合计净投放11196亿元。这种"月初公告+新设专栏披露"的形式，体现了央行 强化政策透明度的明确意图 ...

Core Viewpoint - The People's Bank of China (PBOC) has announced a significant operation of 1 trillion yuan buyout reverse repos starting from June 6, 2025, to maintain liquidity in the banking system, marking a shift in its usual announcement timing from the end of the month to the beginning [1][4][6] Group 1: Operation Details - The buyout reverse repo operation will be conducted with a fixed amount and interest rate bidding, with a term of 3 months (91 days) [1] - This tool, introduced in October 2024, aims to enhance liquidity management and cross-period adjustment capabilities within one year [1][5] - The PBOC has conducted multiple buyout reverse repo operations up to early June 2025, indicating a proactive approach to liquidity management [1] Group 2: Reasons for the Operation - The operation is primarily aimed at countering liquidity pressure, as 1.2 trillion yuan of reverse repos will mature in June [3][4] - It also serves to strengthen expectation management and policy transparency, with the PBOC breaking the convention of announcing operations at the end of the month [4][6] - The move is seen as a response to the high volume of interbank certificates of deposit maturing in June, which is expected to reach 4.2 trillion yuan, the highest monthly record [4][9] Group 3: Market Impact and Future Outlook - The announcement is expected to stabilize market expectations and maintain a reasonable liquidity level in the banking system [4][6] - Analysts suggest that the buyout reverse repo will complement the Medium-term Lending Facility (MLF) as a channel for medium to long-term liquidity [5][9] - The PBOC's actions are viewed as part of a broader strategy to support credit growth to the real economy and manage liquidity effectively [5][9]