Group 1 - The People's Bank of China (PBOC) announced a 700 billion yuan reverse repo operation with a 3-month term to maintain liquidity in the banking system [1] - In August, there are significant maturities including 400 billion yuan for 3-month and 500 billion yuan for 6-month reverse repos, along with 300 billion yuan in Medium-term Lending Facility (MLF) [2] - The PBOC aims to alleviate concerns over liquidity fluctuations in August by announcing reverse repo operations at the beginning of the month, ensuring overall liquidity remains ample throughout the month [3] Group 2 - Analysts expect the PBOC to conduct another 6-month reverse repo operation in August, with the total operation scale likely exceeding the maturity scale for the month [3] - Since March, the PBOC has maintained an increase in MLF operations, with expectations for further MLF increases in August to provide stability for financial institutions [3] - The PBOC's 2025 work meeting emphasized the continuation of a moderately accommodative monetary policy, utilizing various tools to keep liquidity abundant [3]

Group 1 - The People's Bank of China (PBOC) will conduct a 700 billion yuan reverse repurchase operation on August 8, 2025, to maintain ample liquidity in the banking system, with a term of 3 months (91 days) [1] - In August, there are 4 trillion yuan of 3-month and 5 trillion yuan of 6-month reverse repos maturing, indicating that the PBOC may conduct another 6-month reverse repo operation within the month [6] - The PBOC aims to inject medium-term liquidity through MLF and reverse repos, supporting the ongoing issuance of government bonds and promoting credit expansion [6][7] Group 2 - The PBOC's recent meeting emphasized the continuation of a moderately accommodative monetary policy, utilizing various tools to ensure liquidity and align credit growth with economic and price expectations [7] - The introduction of the buyout reverse repo in October 2024 has enriched the PBOC's monetary policy toolkit, with operations primarily targeting primary dealers in the open market [7] - The buyout reverse repo is expected to play a more significant role in liquidity management as it matures, potentially reducing the influence of MLF on medium-term liquidity [8]

Core Viewpoint - The People's Bank of China (PBOC) will conduct a 700 billion yuan buyout reverse repurchase operation on August 8, 2025, to maintain ample liquidity in the banking system, with a term of 3 months (91 days) [2][4]. Group 1: Reverse Repo Operations - The PBOC's operation will involve a fixed amount and interest rate bidding, with multiple price levels for the reverse repo [2][4]. - In August, there are 4 billion yuan of 3-month and 5 billion yuan of 6-month reverse repos maturing, indicating a potential for further operations [3][4]. - Analysts expect that the total operation amount for both maturities in August will exceed 900 billion yuan [4]. Group 2: Monetary Policy Outlook - The PBOC is likely to continue injecting medium-term liquidity through MLF and reverse repos, especially during a peak period of government bond issuance [4][5]. - There is an indication that the market liquidity will not continue to tighten as seen in late July, and the sustainability of rising market rates is under observation [5]. - The PBOC aims to implement a moderately loose monetary policy, utilizing various tools to ensure liquidity remains ample and to guide financial institutions in maintaining reasonable credit growth [5][6]. Group 3: Buyout Reverse Repo Tool - The buyout reverse repo tool was introduced in October 2024, enhancing the PBOC's monetary policy toolkit [5][6]. - As of the end of July, the cumulative issuance of buyout reverse repos reached 11.3 trillion yuan, with 6.5 trillion yuan maturing and a remaining balance of 4.8 trillion yuan [6]. - Compared to traditional pledged repos, buyout reverse repos effectively alleviate liquidity pressure on financial institutions and enhance overall market liquidity [6].

8月分别有4000亿元3个月期和5000亿元6个月期买断式逆回购到期。市场分析认为，虽然截至8日买断式 逆回购形成2000亿元的净回笼，但这并不意味着8月买断式逆回购就将缩量。 中信证券首席经济学家明明分析，考虑到长债发行压力下8月流动性缺口有所抬升，叠加存单到期压力 边际抬升，在维持流动性充裕的诉求下，央行可能会延续6月以来买断式逆回购净投放的操作模式，不 排除后续续作6个月期品种买断式逆回购的可能性。另一方面，本月MLF（中期借贷便利）到期规模为 3000亿元，预计MLF可能也会配合延续此前小幅净投放的操作方式。 8月7日，中国人民银行发布公开市场买断式逆回购招标公告称，为保持银行体系流动性充裕，8月8日， 将以固定数量、利率招标、多重价位中标方式开展7000亿元买断式逆回购操作，期限为3个月（91 天）。 东方金诚首席宏观分析师王青也表示，这很可能意味着月内央行还将开展一次6个月期买断式逆回购操 作，预计本月两个期限品种的合计操作金额会在9000亿元到期量之上。另外，8月还有3000亿元MLF到 期，预计央行也会加量续作。 上述专家之所以作出这样的分析，背后的主要原因在于：7月30日中央政治局会议要求加 ...

北京商报讯（记者 刘四红）8月7日，中国人民银行发布消息称，为保持银行体系流动性充裕，2025年8 月8日，中国人民银行将以固定数量、利率招标、多重价位中标方式开展7000亿元买断式逆回购操作， 期限为3个月（91天）。 ...

人民财讯8月7日电，据央行消息，为保持银行体系流动性充裕，2025年8月8日，中国人民银行将以固定 数量、利率招标、多重价位中标方式开展7000亿元买断式逆回购操作，期限为3个月(91天)。 ...

Group 1 - The People's Bank of China (PBOC) shifted from net withdrawal to net injection of liquidity in late July, increasing short-term liquidity provision [1] - From July 21 to July 24, the PBOC conducted net withdrawals of 55.5 billion, 127.7 billion, 369.6 billion, and 119.5 billion yuan, followed by a net injection of 601.8 billion yuan on July 25 after conducting 789.3 billion yuan reverse repos [1] - The MLF (Medium-term Lending Facility) operations in July included a total injection of 100 billion yuan, marking the fifth consecutive month of increased MLF operations [1] Group 2 - In July, the PBOC conducted a total of 1.4 trillion yuan in reverse repos, achieving a net injection of 200 billion yuan, which effectively met medium-term liquidity needs [2] - The overall net financing scale for government bonds is expected to reach 1.5 to 1.6 trillion yuan monthly from August to September, increasing the demand for stable funding from banks [3] - The PBOC is likely to continue using OMO, MLF, and reverse repos to manage liquidity, with potential for government bond purchases and reserve requirement ratio cuts to inject liquidity [3]

Monetary Policy and Economic Support - The central bank has implemented a moderately loose monetary policy, enhancing counter-cyclical adjustments and introducing a package of financial support measures, which have shown significant effects in supporting the real economy [1][2] - The People's Bank of China (PBOC) will continue to implement a moderately loose monetary policy, closely monitoring the transmission and actual effects of previously implemented policies to better support domestic demand and stabilize social expectations [1][2] Liquidity Management - In the first half of the year, the central bank's liquidity management became more refined, with a net injection of 36,863 billion yuan through various tools, including reverse repos and medium-term lending facilities (MLF) [2][3] - The weighted average of overnight repo rates and pledged repo rates increased slightly, indicating a rise in the central tendency of funding rates [3] Bond Market Performance - The bond market saw a total issuance of 27.1 trillion yuan in bonds, a year-on-year increase of 24.1%, with net financing reaching 10.5 trillion yuan, reflecting strong policy support [4] - The issuance of special bonds has increased, particularly in infrastructure investment, which is crucial for economic growth [4] Yield Curve and Interest Rates - The yield curve for government bonds flattened, with varying changes in yields across different maturities, indicating a complex market response [5][6] - The average issuance rate for corporate credit bonds decreased by 32 basis points year-on-year, contributing to lower financing costs for the real economy [4] Interest Rate Swaps - The interest rate swap curve shifted upward, with significant increases in swap prices for various maturities, reflecting market adjustments [7] - The trading volume of interest rate swaps increased, with a notable rise in daily average transactions, indicating heightened market activity [7]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Report's Core View - The report focuses on the history, current situation, and future prospects of China's central bank's treasury bond trading. It analyzes the operations and impacts of treasury bond trading in 2024 and 2025, draws lessons from overseas central banks' bond - buying practices, and discusses the future evolution of China's treasury bond trading tool [9] Group 3: Summary by Related Catalogs 1. Treasury Bond Trading History Review - **Before 2024**: The central bank mainly participated in treasury bond trading through repurchase agreements to inject short - term liquidity. It rarely directly bought treasury bonds, and the few purchases were mainly to support special treasury bond issuance [10] - **In 2024**: The central bank started to include treasury bond trading in open - market operations. It conducted "buy - short and sell - long" operations, with a net purchase of 100 billion yuan in August. The operations aimed at liquidity management and curve regulation [19][20] - **In the first half of 2025**: The central bank suspended open - market treasury bond purchases in January. The reasons included controllable government bond supply pressure, the availability of alternative tools, and the need to avoid strong market expectations. In June, market discussions about restarting the operation emerged, but it did not happen [28][32] 2. Overseas Insights on Central Bank Bond - Buying - **Fed's "Scarce Reserves" Framework**: Before 2008, the Fed used this framework. Treasury bond trading was a liquidity management tool, and small - scale trading could affect the federal funds rate and other interest rates [39] - **Fed's Bond - Buying with QE and Twist Operations**: From 2008 - 2014, the Fed used large - scale asset - purchase programs and twist operations to influence the yield curve and long - term interest rates [52][53] - **BOJ's YCC Practice**: Since 1999, Japan has implemented QE. In 2016, it introduced YCC to control the yield curve more precisely, aiming to achieve inflation targets and address negative impacts of previous policies [55][57] 3. Outlook on Central Bank Bond - Buying - **Current Situation**: China's central bank holds a relatively low proportion of treasury bonds compared to the Fed and the BOJ. Commercial banks are the main holders of Chinese treasury bonds [63] - **Reasons for the Difference**: The short implementation time of treasury bond trading in China, different tool positioning, and limited treasury bond liquidity are the main reasons [76] - **Future Deduction**: In operation, there may be more expectation management. The tool will focus on liquidity management and curve regulation. The restart window may be around August - September. There will also be optimization of supporting measures [81][83][84]

Group 1 - The People's Bank of China (PBOC) shifted from net withdrawal to net injection of liquidity in late July, increasing short-term liquidity provision [1] - From July 21 to July 24, the PBOC conducted net withdrawals of 55.5 billion, 127.7 billion, 369.6 billion, and 119.5 billion yuan, followed by a net injection of 601.8 billion yuan on July 25 after conducting a reverse repo of 789.3 billion yuan [1] - The MLF (Medium-term Lending Facility) saw a net injection of 100 billion yuan in July, marking the fifth consecutive month of increased MLF operations [1] Group 2 - In July, the PBOC conducted a total of 1.4 trillion yuan in reverse repos, achieving a net injection of 200 billion yuan, which effectively met medium-term liquidity needs [2] - The overall net financing scale for government bonds is expected to reach 1.5 to 1.6 trillion yuan per month from August to September, increasing the demand for stable funding from banks [3] - The PBOC is likely to continue using liquidity management tools such as OMO, MLF, and reverse repos to stabilize the market, with potential for government bond purchases and reserve requirement ratio cuts [3]