中信证券首席经济学家明明表示，从操作模式上看，以往买断式逆回购在每月最后一个交易日公布操作 数量，6月份操作在实际操作的前一天发布招标公告。从数量来看，本次公告3个月买断式逆回购操作1 万亿元，并未对6个月品种操作。5月份长端流动性投放中，MLF（中期借贷便利）净投放3750亿元， 买断式逆回购净回笼2000亿元，而降准0.5个百分点释放1万亿元长期资金。总体来看，5月份央行长端 流动性供给超1万亿元，以对冲政府债净缴款压力。预计6月份政府债发行压力或低于5月份，考虑到降 准等总量工具或暂歇增量，预计MLF可能延续净投放。此外，买断式逆回购并未限制一个月仅操作一 次，6月份剩余阶段或可观察后续6个月品种是否存在投放。 本报记者 韩 昱 中国人民银行（以下简称"央行"）6月5日发布消息称，为保持银行体系流动性充裕，2025年6月6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1万亿元买断式逆回购操作，期限为3个月 （91天）。 "央行打破月末公告当月买断式逆回购操作惯例，于月初公告大规模买断式逆回购操作，引发市场关 注。"东方金诚首席宏观分析师王青在接受《证券日报》记者采访时表示，在当前资金面及 ...

王青指出，7月共有12000亿元买断式逆回购到期，其中3个月期到期量为7000亿元，6个月期到期量 为5000亿元。本月开展14000亿元买断式逆回购操作，意味着当月买断式逆回购净投放2000亿元，为连 续第二个月加量续作。 中新社北京7月14日电 (记者 夏宾)据中国央行14日消息，为保持银行体系流动性充裕，中国央行7 月15日将以固定数量、利率招标、多重价位中标方式开展14000亿元(人民币，下同)买断式逆回购操 作。其中，3个月期8000亿元，6个月期6000亿元。 东方金诚首席宏观分析师王青对记者表示，在今年6月央行打破月末公告惯例，分别于6月5日和6月 13日发布买断式逆回购公告之后，7月央行再次于月中公告买断式逆回购操作。这表明每月买断式逆回 购已从月末披露转变为月中披露，货币政策操作透明度增加，沟通机制进一步完善，能够更为有效引导 和稳定市场预期。 他认为，在5月央行降准释放约10000亿元长期流动性基础上，近两个月央行连续实施买断式逆回购 净投放，一方面有助于在政府债券持续处于发行高峰期阶段，保持银行体系流动性充裕，另一方面也释 放了数量型货币政策工具持续加力的信号，有助于推动宽信用进程，强化 ...

Group 1 - The Ministry of Finance conducted the first re-issuance of the 2025 ultra-long special government bonds, with a total competitive bidding amount of 35 billion yuan and a fixed interest rate of 2.10% [1] - In July, three issues of ultra-long special government bonds were completed, totaling 206 billion yuan, making it the second-largest monthly issuance this year [1] - As of August 1, 2023, 7,960 billion yuan of ultra-long special government bonds have been issued, achieving 61% of the annual target of 13 trillion yuan [1] Group 2 - The National Development and Reform Commission announced that the project list for "two major" construction projects has been fully allocated, with a total of 800 billion yuan, and 6.9 billion yuan for the third batch of funds has been allocated [2] - The issuance of ultra-long special government bonds is expected to stimulate infrastructure investment and promote industrial chain expansion, thereby enhancing new productive forces [2] - The issuance of ultra-long special government bonds has effectively stimulated consumer willingness by providing direct subsidies, lowering costs for purchasing new products, and promoting consumption upgrades [3] Group 3 - The accelerated issuance of ultra-long special government bonds serves as a stabilizer for maintaining economic stability and acts as a catalyst for fostering long-term growth momentum [3]

王青表示，7月30日召开的中共中央政治局会议要求"加快政府债券发行使用"，8月份会继续处于政 府债券发行高峰期。此外，8月份存单到期规模较大，监管层持续强调"引导金融机构加大货币信贷投放 力度"。由此判断，8月份，在短期市场流动性继续处于较为稳定的充裕状态下，中期市场流动性有一定 收紧压力。因此预计8月份央行会继续通过MLF、买断式逆回购操作注入中期流动性。这一方面有助于 在政府债券持续处于发行高峰期阶段，保持银行体系流动性充裕，另一方面也释放了数量型货币政策工 具持续加力的信号，有助于推动宽信用进程，强化逆周期调节。 中信证券首席经济学家明明也认为，在维持流动性充裕诉求下，央行本月或延续今年6月份以来买 断式逆回购净投放的操作模式，不排除后续开展6个月期买断式逆回购操作的可能性。同时，8月份， MLF可能会延续此前小幅净投放的操作方式。 原标题：央行开展7000亿元买断式逆回购操作 本报记者 刘 琪 8月7日，中国人民银行（以下简称"央行"）发布公开市场买断式逆回购招标公告显示，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 ...

8月7日，人民银行发布公告，为保持银行体系流动性充裕，中国人民银行将于8月8日以固定数量、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）。 王青进一步分析道，8月继续处于政府债券发行高峰期；此外，当月存单到期规模较大，监管层持续强 调"引导金融机构加大货币信贷投放力度"。"当月在短期市场流动性继续处于较为稳定的充裕状态下， 中期市场流动性有一定收紧压力。"王青由此认为，预计8月央行会继续通过MLF、买断式逆回购注入中 期流动性。这一方面有助于在政府债券持续处于发行高峰期阶段，保持银行体系流动性充裕，另一方面 也释放了数量型货币政策工具持续加力的信号，有助于推动宽信用进程，强化逆周期调节。 （文章来源：广州日报） 值得关注的是，8月分别有4000亿3个月期和5000亿6个月期买断式逆回购到期。对此，东方金诚首席宏 观分析师王青认为，8日央行开展7000亿3个月期逆回购，并不意味着本月买断式逆回购缩量，很可能意 味着月内央行还将开展一次6月个月期逆回购操作，预计当月两个期限品种的合计操作金额会在9000亿 到期量之上。另外，8月还有3000亿MLF到期，预计央行也会加量续作。 ...

Group 1 - The central bank will conduct a 700 billion yuan reverse repurchase operation on August 8, with a term of 3 months, to maintain ample liquidity in the banking system [1] - There are 4 billion yuan of 3-month and 5 billion yuan of 6-month reverse repos maturing in August, indicating that the central bank may conduct another 6-month reverse repo operation within the month [1] - The backdrop for these operations includes a high issuance period for government bonds and a significant amount of maturing deposits, with regulatory emphasis on increasing monetary credit [1] Group 2 - In August, short-term market liquidity is expected to remain stable, while there may be some tightening pressure in the medium term [2] - The central bank is likely to continue injecting medium-term liquidity through MLF and reverse repos to support the ongoing government bond issuance [2] - The manufacturing PMI index has declined again, suggesting that the central bank may consider further rate cuts in the fourth quarter [2]

Group 1 - The People's Bank of China (PBOC) announced a fixed amount of 700 billion yuan reverse repos to maintain liquidity in the banking system, with a term of 3 months [1] - Despite a net withdrawal of 200 billion yuan from reverse repos, analysts believe this does not indicate a reduction in reverse repo operations for August [1] - Analysts expect the PBOC to continue its net injection strategy through reverse repos and MLF to address liquidity needs amid government bond issuance pressures [2] Group 2 - The central government's emphasis on accelerating government bond issuance and the large scale of maturing deposits in August are key factors influencing liquidity management [2] - Analysts predict that the PBOC will inject medium-term liquidity through MLF and reverse repos to maintain a stable liquidity environment during the peak of government bond issuance [2] - There is an expectation of potential monetary policy adjustments, including possible rate cuts in the fourth quarter, due to increasing economic downward pressure [2]

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 ...

Core Viewpoint - The central bank has significantly increased the scale of reverse repurchase operations in June and July, indicating a proactive approach to maintain liquidity in the financial system [3]. Group 1: Liquidity Operations - In June and July, the central bank conducted reverse repurchase operations amounting to 14,000 billion yuan each month, achieving a net injection of 2,000 billion yuan [3]. - The operations in June included injections of 10,000 billion yuan at the beginning of the month and 4,000 billion yuan in the middle of the month, while July saw a 14,000 billion yuan injection in mid-month [3]. Group 2: Future Expectations - In August, 9,000 billion yuan of reverse repurchase agreements are set to mature, which exceeds the current injection volume, indicating potential liquidity tightening [3]. - Analyst Wang Qing anticipates that the central bank will conduct another 6-month reverse repurchase operation within August, alongside the expected rollover of 3,000 billion yuan in Medium-term Lending Facility (MLF) [3]. - The expectation is that the central bank will continue to inject medium-term liquidity through MLF and reverse repurchase operations to maintain ample liquidity in the banking system during the peak of government bond issuance [3].

Group 1 - The People's Bank of China (PBOC) announced a 700 billion yuan reverse repurchase operation to maintain liquidity in the banking system, with a term of 3 months (91 days) [1] - In August, there are 400 billion yuan of 3-month and 500 billion yuan of 6-month reverse repos maturing, indicating potential further operations to maintain liquidity [1][2] - The central government's push for accelerated issuance and utilization of government bonds is expected to keep liquidity conditions stable in August, despite some tightening pressures in the medium-term market [2] Group 2 - The PBOC is likely to continue using MLF and reverse repos to inject medium-term liquidity, supporting the ongoing government bond issuance peak [2] - The manufacturing PMI index has shown signs of contraction, indicating increased economic downward pressure, which may lead to potential rate cuts in the fourth quarter [2]