"在5月降准释放长期流动性1万亿元的同时，近月中期流动性持续处于净投放状态，主要有两方面 原因。"王青分析认为，一是在政府债券持续大规模发行、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，稳定市场预期。二是释放数量型货币政策工具持续加力的 政策信号，推动存量社融和M2增速稳中有升，更好满足企业和居民的融资需求。 6月资金面扰动因素较多，MLF延续超额续作释放出维稳信号。中国民生银行首席经济学家温彬分 析称，年中时点，流动性供求矛盾往往较为突出，市场对流动性的关注度比较高，叠加今年扰动因素增 多，央行通过多种手段呵护流动性的意愿较强。 6月24日，央行官网发布公告称，为保持银行体系流动性充裕，2025年6月25日（周三），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3000亿元中期借贷便利（MLF）操作，期限为1 年。 "本月有1820亿元MLF到期，这意味着6月央行MLF净投放达到1180亿元，为连续第4个月加量续 作。"东方金诚首席宏观分析师王青表示。 此前，央行在6月进行了两次买断式逆回购操作，着力稳定市场预期。其中，6月6日，央行开展1万 亿元买断式逆回购操 ...

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 ...

Core Viewpoint - The People's Bank of China (PBOC) is taking measures to ensure ample liquidity in the banking system by conducting a 400 billion yuan reverse repurchase operation on June 16, with a term of 6 months [1] Group 1: Reverse Repo Operations - On June 6, the PBOC conducted a 1 trillion yuan reverse repurchase operation with a term of 3 months [1] - A total of 1.2 trillion yuan in reverse repos will mature throughout June, leading to a net liquidity injection for the month after the two operations [1] - The reverse repo tool was introduced in October 2024 to enhance liquidity management and cross-period adjustment capabilities for terms under one year [1] Group 2: Market Conditions - June is a critical period for liquidity assessment due to the half-year end, coupled with a large number of interbank certificates maturing [1] - Financial institutions are expected to have a high demand for liquidity throughout June, prompting the PBOC to provide mid-term funding support in advance [1]

Core Viewpoint - The People's Bank of China (PBOC) has shifted from net withdrawal to net injection of liquidity in late July, increasing short-term liquidity support to stabilize market expectations and ensure overall stability in the financial system [1][2]. Group 1: Monetary Policy Actions - From July 21 to July 24, the PBOC conducted net withdrawals of funds totaling 555 billion, 1,277 billion, 3,696 billion, and 1,195 billion yuan respectively. On July 25, the PBOC executed a reverse repo of 7,893 billion yuan, resulting in a net injection of 6,018 billion yuan after offsetting 1,875 billion yuan due [1]. - On July 25, the PBOC also conducted a 4,000 billion yuan Medium-term Lending Facility (MLF) operation, leading to a net injection of 1,000 billion yuan for July, marking the fifth consecutive month of increased MLF operations [1][2]. Group 2: Economic Insights - According to Minsheng Bank's chief economist, the continuation of excess MLF operations is aimed at stabilizing market expectations and ensuring overall liquidity stability, especially with increasing month-end funding disturbances [1]. - Citic Securities' chief economist noted that despite July being a month with significant tax payments, the liquidity remained relatively loose at the beginning to mid-month, with stable funding rates and policy rate differentials [2]. Group 3: Future Outlook - The expectation for August and September indicates a peak in government bond supply, with average net financing potentially reaching 1.5 to 1.6 trillion yuan, increasing the demand for stable funding from banks [3]. - The PBOC is likely to continue using various liquidity management tools, including OMO, MLF, and reverse repos, to release stability signals, and there is a possibility of conducting treasury purchases and reserve requirement ratio cuts to inject liquidity [3].

Core Viewpoint - The People's Bank of China (PBOC) announced a 700 billion yuan three-month reverse repurchase operation to maintain liquidity in the banking system, indicating a proactive approach to manage liquidity amid fiscal tax peaks and potential quarter-end pressures [1][2][3]. Group 1: Reverse Repo Operations - The PBOC will conduct a 700 billion yuan reverse repurchase operation on August 8, with a three-month term, to ensure ample liquidity in the banking system [1]. - This operation is strategically timed to cover the fiscal tax peak in August and the quarter-end assessment period at the end of September, reflecting the central bank's liquidity management strategy [2][3]. - Analysts expect a second reverse repo operation in August, considering the upcoming maturity of 4 billion yuan in three-month and 5 billion yuan in six-month reverse repos, totaling 9 billion yuan [3][4]. Group 2: Liquidity Management - The central bank is likely to continue using various monetary policy tools, including MLF and reverse repos, to stabilize market expectations and promote credit expansion amid a slowing economic growth backdrop [5][6]. - There is a consensus among analysts that the PBOC may implement further reverse repo operations to address liquidity needs related to government bond issuances and to maintain a stable liquidity environment [4][5]. - The PBOC's approach is characterized by a focus on medium-term liquidity adjustments, with expectations of potential reserve requirement ratio (RRR) cuts to inject long-term liquidity into the market [6].

Group 1 - The People's Bank of China (PBOC) will conduct a 700 billion yuan reverse repurchase operation on August 8, 2025, to maintain liquidity in the banking system [1] - The operation will have a term of 3 months (91 days) and is part of a broader strategy to ensure sufficient liquidity amid high government bond issuance [2] - Analysts expect that the total operation amount for August will exceed the 900 billion yuan of maturing reverse repos, indicating potential further liquidity injections [1][2] Group 2 - In July 2025, the PBOC conducted 1.4 trillion yuan in reverse repos, resulting in a net liquidity injection of 200 billion yuan [3] - The cumulative issuance of reverse repos reached 11.3 trillion yuan by the end of July, with 4.8 trillion yuan remaining outstanding [3] - The introduction of the buyout reverse repo tool is seen as a significant enhancement to China's monetary policy toolkit, potentially reducing the reliance on Medium-term Lending Facility (MLF) for liquidity management [3]

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 ...