Core Viewpoint - The People's Bank of China (PBOC) is implementing measures to maintain ample liquidity in the banking system, including a 300 billion MLF operation and a net injection of 1180 billion due to maturing MLFs [1][2]. Group 1: Monetary Policy Actions - The PBOC will conduct a 300 billion MLF operation on June 25, 2025, with a one-year term, resulting in a net injection of 1180 billion after 1820 billion MLF matures in June [1]. - In June, the PBOC has increased mid-term liquidity injections, conducting a total of 14,000 billion reverse repos on June 6 and June 16 [2]. - The total net injection of mid-term liquidity in June has exceeded 3000 billion, indicating a proactive approach to maintaining liquidity [2]. Group 2: Market Stability and Expectations - Maintaining ample liquidity helps prevent abnormal fluctuations in the funding environment and stabilizes market expectations, which is crucial given the large-scale issuance of government bonds and the maturity of interbank certificates of deposit [2]. - The PBOC's actions signal a continued commitment to using quantitative monetary policy tools to meet the financing needs of enterprises and households [2]. Group 3: Future Outlook - Experts anticipate that the PBOC will continue to exceed the renewal of maturing MLFs and utilize various monetary policy tools to keep liquidity abundant in the second half of the year [4]. - There is a possibility of the PBOC adopting measures such as reserve requirement ratio cuts to provide liquidity support, especially with the expected acceleration of government bond issuance in the third quarter [4]. - Discussions are ongoing regarding the potential resumption of government bond purchases by the PBOC, which is seen as a key tool for liquidity injection and reducing the cost of liabilities in the banking and financial system [4][5].

Group 1 - The central bank has implemented a net MLF injection of 118 billion yuan in June, marking the fourth consecutive month of increased liquidity support [1][2] - The total net liquidity injection for June, including reverse repos, reached 318 billion yuan, indicating a strong commitment to maintaining market liquidity [1][3] - The central bank's actions are aimed at stabilizing the banking system's liquidity amid increased government bond issuance and the peak of interbank certificates of deposit maturities [2][4] Group 2 - In July, the liquidity gap is projected to reach 1 trillion yuan, with significant pressure from fiscal spending and government bond repayments [4][5] - Historical trends suggest that the central bank typically increases liquidity injections at the end of June, which may provide additional support in July [4][6] - The central bank is expected to continue its accommodative stance, potentially utilizing government bond transactions to enhance liquidity [4][5]

Group 1 - The central bank's proactive policy operations and information disclosure have met the liquidity needs at the end of the quarter while enhancing market confidence through forward-looking policy communication [1][3] - Since June, the People's Bank of China has signaled an increase in medium-term liquidity injection through two consecutive announcements of reverse repos, including a 1 trillion yuan operation on June 5 and a 400 billion yuan operation on June 13 [1][2] - By the end of June, the central bank is expected to achieve a net liquidity injection of 200 billion yuan, with 500 billion yuan from the 3-month reverse repos and a net withdrawal of 300 billion yuan from the 6-month reverse repos [1] Group 2 - The continuous increase in reverse repo operations in June, following a May reserve requirement ratio cut, serves three policy purposes: countering the pressure from government bond issuance and interbank certificate maturities, signaling ongoing quantitative monetary policy efforts, and improving transparency in monetary policy operations [2] - In May, the central bank's long-term liquidity supply exceeded 1 trillion yuan, effectively offsetting the pressure from government bond net payments, which reached 9,102 billion yuan, the highest since 2025 [2] - Market participants expect the central bank to continue using various tools, including pledged reverse repos and MLF, to maintain reasonable liquidity levels and support effective credit growth in the real economy [3]

Core Viewpoint - The People's Bank of China (PBOC) has announced a 1 trillion yuan buyout reverse repurchase operation to maintain liquidity, indicating a clear intention to release short-term liquidity in response to market conditions [1][2]. Group 1: PBOC's Actions and Market Impact - On June 6, the PBOC will conduct a buyout reverse repurchase operation of 1 trillion yuan with a three-month term, marking the first time the central bank has announced such an operation at the beginning of the month [1]. - The announcement aims to enhance market communication and stabilize market expectations, with the bank's willingness to release liquidity increasing as speculative demand in the bond market declines [1][2]. - The 10-year and 30-year government bond futures trading volume has significantly decreased, reflecting a reduced willingness to speculate on long-term interest rates [1]. Group 2: Liquidity Pressure and Seasonal Factors - June faces significant liquidity pressure due to the maturity of 1.2 trillion yuan in reverse repos and 200 billion yuan in Medium-term Lending Facility (MLF), along with 4.2 trillion yuan in interbank certificates maturing, which is a historical monthly high [2]. - The second quarter is traditionally a peak season for credit issuance, and the government is expected to accelerate the use of funds for debt replacement, further exacerbating liquidity fluctuations [2]. - The PBOC's actions are expected to provide a stabilizing effect on the funding environment, as indicated by the decline in the 7-day repo rate to around 1.5%, closer to the current policy rate of 1.4% [2]. Group 3: Market Expectations and Future Outlook - The PBOC's proactive approach in announcing reverse repurchase operations enhances the transparency of monetary policy and is likely to support stock market valuations [2]. - The continuous upgrade in the PBOC's expectation management is expected to foster a more favorable risk appetite in the capital markets [2].

2025.06. 09 本文字数：2760，阅读时长大约5分钟 6月5日，央行发布消息称，为保持银行体系流动性充裕，自6月6日开始，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）。考虑到当月共有 1.2万亿元买断式逆回购到期，截至6月6日全月实现买断式逆回购2000亿元净回笼。 自2024年10月推出至今，央行已连续8个月开展买断式逆回购操作，即央行主动借出资金，从一级 交易商处购买债券，以此向市场投放流动性，可增强一年以内的流动性跨期调节能力。但此前，央行 惯例是在每月最后一个交易日发布相关公告。 不少分析认为，在当前资金面及债市处于平稳运行状态的情况下，央行月初打破惯例公告大规模买断 式逆回购操作，主要与当月银行同业存单到期规模较大有关。"本次提前公告打破惯例，或意在缓解 存单大额到期给市场带来的心理压力，防止资金面预防式紧张。"华西证券宏观联席首席分析师肖金 川称。 "（这）对市场信心稳定起到了关键作用。"光大证券金融业首席分析师王一峰分析，央行本次操作 释放出三重意义：一是向市场释放清晰信号，将维持货币市场价格稳定；二是当市场价格出现偏离 时，可能进一步 ...

目前，央行基础货币投放渠道已较为丰富， MLF 、买断式逆回购操作以及各类结构性工具均可以投放中期流动性。尽管央行已连续 2个月 保持买断式逆回购净回笼，但综合 来看，央行始终保持中期流动性净投放，展现出央行适度宽松的货币政策取向。 责编：叶舒筠 校对： 王锦程 版权声明 为保持银行体系流动性充裕，中国人民银行（下称"央行"）6月5日发布公告称，将在6月6日以固定数量、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），这也是央行首次在月初公开开展买断式逆回购操作。 鉴于 6 月 将有 5000亿元3个月期和7000亿元6个月期 买断式逆回购到期 ，本次买断式逆回购操作将有力对冲当月较大额度的买断式逆回 购到期资金。在此之前，央行在 4月、5月均保持 买断式逆回购 操作净回笼。 6月5日，央行《中央银行各项工具操作情况》栏目首次披露各项工具流动性投放情况，综合来看，5月合计净投放11196亿元。 公开市场买断式逆回购操作、公开市场国债买卖操作以及 MLF操作 是在央行每日根据一级交易商需求连续开展 7天期逆回购操作的基础 上，额外投放的 中 长期资金，有利于保持短、中、长各 ...

Core Viewpoint - The People's Bank of China (PBOC) is implementing a 1 trillion yuan reverse repurchase operation to maintain liquidity in the banking system, marking the first time such an operation is conducted at the beginning of the month [1]. Group 1: Reverse Repo Operations - On June 6, the PBOC will conduct a 1 trillion yuan buyout reverse repo operation with a term of 3 months (91 days) [1]. - This operation is aimed at offsetting the significant amount of reverse repos maturing in June, which includes 500 billion yuan for 3-month and 700 billion yuan for 6-month terms [2]. - The PBOC has maintained a net withdrawal of reverse repos in April and May prior to this operation [2]. Group 2: Liquidity Injection Data - In May, the total net liquidity injection by the PBOC amounted to 1,119.6 billion yuan [3]. - The liquidity injection tools and their respective net injections are detailed, showing various operations including adjustments to reserve requirements and central bank loans [5]. Group 3: Monetary Policy Trends - Since the introduction of buyout reverse repos in October last year, the reliance on Medium-term Lending Facility (MLF) has gradually decreased [6]. - MLF operations have shifted to a fixed quantity, interest rate bidding, and multi-price bidding method since March, indicating a complete exit of policy attributes [6]. - Financial institutions are expected to benefit from MLF as it provides stable expectations and helps alleviate pressure on net interest margins [7].

Core Insights - The central bank has launched a new section on its official website to provide updates on the operation of various monetary tools [1] - The section includes monthly data on liquidity injection and withdrawal for three categories of nine tools [1] Summary by Category Liquidity Injection - In May 2025, the net liquidity injection through the reserve requirement was 1 trillion yuan [1] - The net liquidity injection through the Standing Lending Facility (SLF) was 5 million yuan [1] - The net liquidity injection through the Medium-term Lending Facility (MLF) was 375 billion yuan [1] - The net liquidity injection through central treasury cash management was 240 billion yuan [1]

当天，央行还发布公告称，在5月未开展公开市场国债买卖操作。部分市场机构认为，央行或在三季度重启公 开市场国债买入操作，更好发挥国债收益率定价基准作用。 买断式逆回购延续净回笼 为保持银行体系流动性充裕，中国人民银行（下称"央行"）5月30日发布公告称，5月央行以固定数量、利 率招标、多重价位中标方式开展了7000亿元买断式逆回购操作，分别为3个月（91天）4000亿元、6个月 （182天）3000亿元。鉴于5月有9000亿元的3个月期买断式逆回购到期，当月买断式逆回购合计净回笼2000 亿元。 买断式逆回购净回笼不意味着央行正在收紧市场流动性。目前，央行基础货币投放渠道已较为丰富，中期借贷 便利（MLF）、买断式逆回购操作以及各类结构性工具均可以投放中期流动性。综合5月MLF净投放3750亿元 来看，央行在当月保持中期流动性净投放，展现出央行适度宽松的货币政策取向。 自去年10月央行启用买断式逆回购以来，货币政策操作对MLF的依赖逐步降低。今年3月，MLF改为采用固定 数量、利率招标、多重价位中标方式开展操作，政策属性完全退出。3月以来，MLF操作保持每月净投放，而 买断式逆回购操作在4月首次出现净回笼。 " ...

新华财经北京5月26日电（刘润榕）人民银行26日开展3820亿元7天逆回购操作，操作利率为1.40%，与 此前持平；鉴于当日有1545亿元7期逆回购到期，公开市场实现净投放2275亿元。 在央行加码流动性投放的背景下，资金面延续渐进修复趋势，尽管资金利率整体呈下行态势，全周平均 资金价格较前一周有所抬升。周一至周四资金价格逐步下台阶，隔夜资金利率修复至1.4%-1.5%区间， DR001下行15BP至1.48%，R001下行13BP至1.53%；7天资金价格同样降至1.5%水平，DR007、R007分 别下行7、5BP，至1.57%、1.58%。周五在特别国债发行和税期走款首日的影响下，资金面边际收敛， DR001、R001单日均上行9BP，分别至1.57%、1.61%，7天资金利率同样抬升，DR007、R007分别升至 1.59%、1.63%。 本周（5月26-30日）资金面，税期叠加跨月，季节性因素影响或占上峰，在银行负债端仍有压力的背景 下，资金面平稳还需依赖央行呵护。 一是，税期叠加跨月，资金面或将边际趋紧。26日为税期走款最后一日，又逢7天资金可跨月（叠加端 午假期），或放大利率上行幅度。 二是，逆 ...