Core Viewpoint - The People's Bank of China (PBOC) conducted a 1 trillion yuan buyout reverse repurchase operation to maintain liquidity in the banking system, indicating a continuation of supportive monetary policy amid tightening liquidity conditions [1][6]. Group 1: Monetary Policy Actions - On September 5, the PBOC executed a buyout reverse repurchase operation of 1 trillion yuan with a term of 3 months (91 days), which is equivalent to rolling over the same amount of reverse repos maturing on the same day [1]. - The PBOC is expected to continue this buyout reverse repurchase strategy in September, especially with 3.5 trillion yuan of interbank certificates of deposit maturing, marking the second-highest level this year [6]. Group 2: Market Implications - The ongoing strength in the stock market and the noticeable "migration" of household deposits are contributing to a tightening effect on liquidity, prompting the PBOC to act [6]. - The PBOC's actions are aimed at stabilizing market expectations and ensuring ample liquidity to support government bond issuance, while also signaling a sustained supportive stance in monetary policy [6]. Group 3: Reverse Repo Mechanism - The buyout reverse repurchase mechanism, introduced in October 2024, allows the PBOC to lend funds by purchasing bonds from primary dealers, enhancing liquidity management capabilities within a year [7].

Group 1 - The People's Bank of China (PBOC) announced a 10 trillion yuan reverse repurchase operation to maintain liquidity in the banking system, with a term of 3 months (91 days) [1] - The operation on September 5 is essentially a rollover of the same amount due for the 3-month reverse repos maturing on that date, with an additional 300 billion yuan of 6-month reverse repos maturing in September [1] - Analysts expect the PBOC to continue its net injection strategy for reverse repos, potentially increasing the amount for the 6-month reverse repos due to significant pressures from maturing certificates of deposit and long-term government bond issuances [1][2] Group 2 - In addition to the 300 billion yuan of 6-month reverse repos maturing, there will also be 300 billion yuan of Medium-term Lending Facility (MLF) maturing this month [3] - The PBOC has been increasing MLF operations for six consecutive months, and analysts predict a continuation of this trend with potential net injections in September [4] - The use of MLF and reverse repos aims to inject medium-term liquidity into the market, stabilize market expectations, and support government bond issuances, indicating a sustained supportive monetary policy stance [4]

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 1 trillion yuan reverse repurchase operation on September 5, 2023, to maintain liquidity in the banking system, indicating a supportive monetary policy stance [1] Group 1: Reverse Repo Operations - On September 5, the PBOC will carry out a 1 trillion yuan (approximately 154 billion USD) buyback reverse repo operation with a term of 3 months (91 days) [1] - This operation is equivalent to rolling over the same amount of 3-month reverse repos that are set to mature on the same day [1] - An additional 300 billion yuan (approximately 46 billion USD) of 6-month reverse repos is also set to mature this month, with expectations for another operation of this type [1] Group 2: Market Liquidity and Policy Implications - Analysts predict that the PBOC will utilize both Medium-term Lending Facility (MLF) and reverse repo tools to inject medium-term liquidity into the market [1] - This strategy aims to stabilize market expectations, ensure ample liquidity, and support government bond issuance [1] - The approach signals a continued supportive monetary policy stance, reinforcing the use of quantity-based policy tools [1]

Core Viewpoint - The People's Bank of China (PBOC) will conduct a 10 trillion yuan buyout reverse repurchase operation to maintain ample liquidity in the banking system, with a term of 3 months (91 days) starting from September 5, 2025 [1][6]. Group 1: Monetary Policy Actions - The buyout reverse repurchase tool was officially launched in October 2024, allowing the central bank to inject liquidity into the market by borrowing funds from primary dealers through the purchase of specific bonds [6]. - The PBOC's decision to inject 10 trillion yuan is aimed at stabilizing market expectations and ensuring sufficient liquidity, especially during a peak period for government bond issuance and a high volume of bank interbank certificates maturing [6][9]. - Analysts predict that the PBOC may implement a reserve requirement ratio (RRR) cut in the fourth quarter to further support liquidity and credit growth [7]. Group 2: Market Conditions and Implications - As of early September 2025, the PBOC has conducted multiple buyout reverse repurchase operations, indicating a proactive approach to liquidity management [6]. - The anticipated liquidity gap in September is expected to narrow compared to August, with limited disturbances from government bond supply, suggesting a supportive monetary policy stance [6][9]. - The PBOC is likely to continue using both MLF (Medium-term Lending Facility) and buyout reverse repurchase tools to inject medium-term liquidity into the market [9]. Group 3: Coordination of Policies - A recent meeting between the Ministry of Finance and the PBOC emphasized the importance of coordinating fiscal and monetary policies to address the current complex market environment and support economic recovery [9]. - The joint working group established between the two entities has been recognized for its effectiveness in promoting the smooth operation of the bond market and ensuring the implementation of fiscal and monetary policies [9].

Core Viewpoint - The central bank is set to conduct a 1 trillion yuan reverse repurchase operation, indicating a proactive approach to manage liquidity in response to various market conditions [1] Group 1: Reasons for the Central Bank's Actions - The government bond issuance is expected to peak in September, necessitating liquidity support [1] - The maturity of commercial bank interbank certificates of deposit will reach 3.5 trillion yuan, marking the second-highest level this year [1] - The strong performance of the stock market has led to a noticeable "migration" of household deposits, contributing to a tightening effect on liquidity [1] Group 2: Expected Monetary Policy Actions - The central bank is likely to continue the previous three months' pattern of increasing reverse repurchase operations to address tightening liquidity [1] - An additional 300 billion yuan of Medium-term Lending Facility (MLF) is set to mature in September, with expectations for increased rollovers [1] - The combined use of MLF and reverse repurchase policy tools will inject medium-term liquidity into the market, stabilizing market expectations and supporting government bond issuance [1]

Core Viewpoint - The People's Bank of China (PBOC) announced a 1 trillion yuan reverse repo operation to maintain liquidity in the banking system, with a maturity of 3 months, coinciding with significant upcoming financial events [1] Group 1: Monetary Policy Actions - On September 5, the PBOC will conduct a 1 trillion yuan reverse repo operation, which is equivalent to rolling over the same amount of 3-month reverse repos maturing on the same day [1] - The operation will be conducted through a fixed quantity, interest rate bidding, and multiple price level bidding method [1] Group 2: Market Conditions - The government bond issuance is expected to peak in September, contributing to the need for liquidity support [1] - The maturity of interbank certificates of deposit in September is projected to reach 3.5 trillion yuan, marking the second-highest level this year [1] - The strengthening stock market has led to a noticeable "migration" of household deposits, which may tighten the funding environment [1]

Core Viewpoint - The People's Bank of China (PBOC) is expected to conduct a 1 trillion yuan reverse repo operation on September 5, 2023, to address liquidity tightening in the market [2]. Group 1: Monetary Policy Actions - On September 5, 1 trillion yuan of 3-month reverse repos will mature, prompting the PBOC to conduct an equivalent operation, indicating a continuation of the previous month's policy [2]. - An additional 300 billion yuan of 6-month reverse repos is set to mature in September, with expectations for another operation, potentially with increased amounts [2]. Group 2: Market Conditions - The government bond issuance is expected to peak in September, necessitating liquidity support from the PBOC [2]. - The maturity of interbank certificates of deposit is projected to reach 3.5 trillion yuan, the second-highest level this year, contributing to liquidity pressures [2]. - The strengthening stock market has led to a noticeable "funds migration" from residents' deposits, further tightening liquidity conditions [2]. Group 3: Future Expectations - The PBOC is likely to continue using both MLF and reverse repo tools to inject medium-term liquidity into the market, aiming to stabilize market expectations and ensure ample liquidity [2]. - This approach signals a sustained supportive stance in monetary policy, reinforcing the commitment to maintain liquidity for government bond issuance [2].

Group 1 - The People's Bank of China (PBOC) is expected to continue its previous approach of slightly net injecting liquidity through reverse repos in September [1][2] - On September 5, the PBOC will conduct a 1 trillion yuan (approximately 100 billion) reverse repo operation with a 3-month term, which aligns with market expectations as a 1 trillion yuan reverse repo is set to mature on the same day [1][2] - There is an expectation for an additional 300 billion yuan MLF (Medium-term Lending Facility) operation in September, indicating a potential increase in liquidity support from the central bank [2] Group 2 - The current market conditions, including a peak in government bond issuance and a high volume of interbank certificates of deposit maturing, are contributing to a tightening of liquidity [1] - Analysts predict that the PBOC will utilize both MLF and reverse repo tools to maintain ample liquidity in the market, which will support government bond issuance and signal a continued supportive monetary policy stance [2] - Looking ahead, there is speculation that the PBOC may implement a reserve requirement ratio (RRR) cut in the fourth quarter to further enhance liquidity and support economic growth [2]

（文章来源：21世纪经济报道） 东方金诚研究发展部王青表示，这背后主要有以下几方面原因：一是9月政府债券会继续处于发行高峰 期；二是当月商业银行同业存单到期量达3.5万亿，为年内次高水平；三是当前股市走强，居民存款"搬 家"现象较为明显，也会在一定程度上带来资金面收紧效应。 王青预计，着眼于应对流动性收紧态势，9月央行会延续此前3个月的买断式逆回购加量续作模式。与此 同时，9月还有3000亿MLF到期，央行也可能加量续作。这意味着当月央行将综合运用MLF和买断式逆 回购政策工具，持续向市场注入中期流动性。这一方面有助于稳定市场预期，保持市场流动性充裕，助 力政府债券发行，同时也将释放数量型政策工具持续加力信号，显示货币政策延续支持性立场。 央行发布公告称，为保持银行体系流动性充裕，2025年9月5日，央行将以固定数量、利率招标、多重价 位中标方式开展10000亿元买断式逆回购操作，期限为3个月（91天）。数据显示，9月5日将有10000亿3 个月期买断式逆回购到期。由此，央行明日开展10000亿元买断式逆回购操作，相当于本月3个月期买断 式逆回购等量续作。 ...

央广网北京9月4日消息（记者 冯方）9月4日，央行发布公告称，为保持银行体系流动性充裕，2025年9月5日，央行将以固定数量、利率招标、多重价位中 标方式开展10000亿元买断式逆回购操作，期限为3个月（91天）。 （截图自央行网站） 东方金诚首席宏观分析师王青对央广财经记者表示："数据显示，9月5日将有10000亿3个月期买断式逆回购到期。由此，央行明日开展10000亿元买断式逆回 购操作，相当于本月3个月期买断式逆回购等量续作。本月还有3000亿6个月期买断式逆回购到期，预计央行9月还会开展一次6个月期买断式操作，而且不排 除加量续作的可能。" 王青指出，这背后主要有以下几方面原因：一是9月政府债券会继续处于发行高峰期；二是当月商业银行同业存单到期量达3.5万亿，为年内次高水平；三是 当前股市走强，居民存款"搬家"现象较为明显，也会在一定程度上带来资金面收紧效应。 王青认为，着眼于应对流动性收紧态势，预计9月央行会延续此前3个月的买断式逆回购加量续作模式。与此同时，9月还有3000亿MLF到期，央行也可能加 量续作。这意味着当月央行将综合运用MLF和买断式逆回购政策工具，持续向市场注入中期流动性。这一方面 ...