Core Viewpoint - The People's Bank of China, Chongqing Branch, has launched a "Five Hundred Billion" monetary policy support plan to enhance the high-quality development of Chongqing's economy, focusing on five key areas: technology innovation, green projects, consumption, foreign trade, and private economy [1][2]. Group 1: Funding Structure - A total of 100 billion yuan (approximately 1000 million) low-cost funds will be integrated into a dual-support system of "special quotas + policy tilt quotas" [2]. - The plan allocates 85 billion yuan (approximately 850 million) from the PBOC's direct management for targeted support in technology innovation and green sectors [2]. - An additional 15 billion yuan (approximately 150 million) will be guided from national banks to enhance funding collaboration [2]. Group 2: Specialized Tools - The "Yukexin" tool focuses on high-tech enterprises and specialized small and medium-sized enterprises, providing low-cost credit to establish a technology foundation for Chongqing [3]. - The "Yugreen" tool supports green projects and activities, promoting the establishment of a national-level green finance reform and innovation pilot zone [3]. - The "Yuxiao" tool targets the consumption chain, particularly in sectors like hospitality and education, to stimulate consumption in the international consumer center [3]. - The "Yutong" tool aids enterprises affected by tariffs and supports the new land-sea corridor industry chain [3]. - The "Yumin" tool provides financial support to private enterprises and small businesses, addressing financing difficulties in the private economy [3]. Group 3: Implementation Measures - The PBOC Chongqing Branch has introduced a combination of measures to ensure effective policy implementation, including optimizing financial services and establishing a collaborative mechanism with fiscal and industry departments [4]. - Financial institutions are encouraged to diversify their products to meet the financing needs of the five key areas [4]. - A dynamic enterprise "whitelist" will be maintained to guide the banking sector in funding allocation [4]. Group 4: Monitoring and Management - The entire process from application to monitoring will be managed closely, with financial institutions required to submit business applications regularly [5]. - The approval process emphasizes quick responses and prioritization of special quotas to ensure immediate access to funds [5]. - Monitoring will be conducted through specialized reports and system statistics to ensure the accuracy and compliance of fund usage [5].

Core Viewpoint - The Governor of the Bank of Japan, Kazuo Ueda, stated that he does not want to rule out any monetary policy tools, including the potential reimplementation of yield curve control [1] Group 1 - The Bank of Japan is considering various monetary policy options in response to economic conditions [1] - The statement reflects the central bank's flexibility in managing monetary policy tools [1]

日本央行行长植田和男：（被问及是否可能重新实施收益率曲线控制）不想排除任何货币政策工具的可 能性。 ...

日本央行行长植田和男：我们坚持的立场没有改变，即债券缩减不应作为货币政策工具。 ...

Core Viewpoint - The People's Bank of China (PBOC) announced a significant 1 trillion yuan buyout reverse repurchase operation to maintain liquidity in the banking system, breaking the previous convention of announcing such operations at the end of the month [1][2]. Group 1: Announcement Details - The PBOC's announcement on June 5 marks the first public tender for a buyout reverse repurchase operation, indicating a proactive approach to liquidity management [2]. - The operation involves a fixed amount and interest rate bidding, with a term of 3 months (91 days), differing from the traditional end-of-month announcements [1][2]. Group 2: Market Implications - Analysts suggest that the early announcement is likely aimed at stabilizing market expectations and ensuring sufficient liquidity, especially given the high volume of bank interbank certificates maturing in the coming months [2]. - The early disclosure of the operation amount is seen as a positive signal for market confidence, particularly as June is a month with increased liquidity demands due to half-year-end pressures [2]. Group 3: Comparison with Other Tools - The newly introduced buyout reverse repurchase tool shares similarities with the Medium-term Lending Facility (MLF) in terms of bidding methods and operational frequency, but it is designed for short-term liquidity management [2]. - Future operations may follow a similar pattern to MLF in terms of advance notice, but the specific characteristics of open market operations may lead to different practices [2].

Core Viewpoint - The People's Bank of China (PBOC) has announced a significant liquidity injection through a 10 trillion yuan buyout reverse repurchase operation, marking a departure from its usual end-of-month announcements, indicating a proactive approach to maintaining liquidity in the banking system [1][2]. Group 1: Announcement Details - On June 5, 2025, the PBOC released a notice about a 10 trillion yuan buyout reverse repurchase operation scheduled for June 6, with a term of 3 months (91 days) [1]. - This operation is part of a new monetary policy tool introduced in October 2024, allowing the PBOC to actively lend funds by purchasing bonds from primary dealers [2]. - The announcement is the first of its kind, as the PBOC typically discloses such operations at the end of the month [2]. Group 2: Market Implications - The early announcement is believed to be a response to the high volume of bank interbank certificates maturing, which helps maintain a stable liquidity environment and control market expectations [2][3]. - The PBOC's actions are aimed at encouraging banks to increase credit to the real economy and support government bond issuance, reinforcing the ongoing process of credit easing [3]. Group 3: Future Operations - Analysts expect the PBOC to continue using a combination of buyout reverse repos, medium-term lending facilities (MLF), and other liquidity management tools to ensure a stable liquidity environment [4][5]. - The buyout reverse repo tool complements existing liquidity tools by filling the gap for operations with terms ranging from 1 month to 1 year, thus enhancing the overall liquidity management framework [4].

Group 1 - The central bank's early announcement of large-scale reverse repurchase operations is aimed at maintaining ample liquidity in the banking system and stabilizing market expectations, especially in light of the high volume of interbank certificates of deposit maturing in June 2025, which is projected to reach 4.2 trillion yuan [1][2] - The central bank's policy focus is on encouraging banks to increase credit supply to the real economy and support government bond issuance, with the use of medium-term liquidity tools signaling a commitment to "wide credit" [2] - The central bank has made its monetary policy operations more transparent by disclosing data on various tools used, including reserve requirements and market operations, which enhances communication with the market [3] Group 2 - In May, the central bank released long-term funds of 1 trillion yuan through a reserve requirement cut, with net MLF injections of 375 billion yuan, alleviating liquidity pressure from government bond issuances [4] - The pressure from government bond issuance in June is expected to be lower than in May, and MLF is likely to continue net injections as total tools may pause for additional increments [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The pre - operation of the outright reverse repurchase is conducive to stabilizing the capital expectation, and the cross - half - year liquidity pressure is controllable. Attention should be paid to short - end allocation opportunities [3][5] - The central bank's toolbox has a more reasonable term distribution, and the liquidity tools for each term are relatively complete [4][17] 3. Summary According to the Table of Contents 3.1 Outright Reverse Repurchase Operation Pre - operation - On June 6, 2025, the central bank will conduct a 1000 - billion - yuan outright reverse repurchase operation with a 3 - month term to maintain the liquidity of the banking system [2][11] - From April to June 2025, the outright reverse repurchase continued to have a small - scale net withdrawal, and the current balance is around 4.2 trillion. The pre - operation in June is mainly to consider the large - scale maturity of certificates of deposit and the concentrated issuance of government bonds [3][11] - The operation time is advanced, and the arrival rhythm of funds may be accelerated. In the future, the announcement may be released one day in advance, which is consistent with the MLF operation mode, facilitating institutions to arrange liquidity in advance [3][11] - The operation frequency is theoretically once a month. Whether there will be an additional operation in June remains to be seen, or the MLF may be flexibly increased at the end of the month [3][12] 3.2 Take Stock of the Central Bank's Toolbox - The central bank adjusted the "Monetary Policy Tools" section and disclosed the monthly investment of various tools for the first time, increasing a market communication channel [16] - The central bank's toolbox has a more reasonable term distribution, including short - term (7 - day reverse repurchase, overnight reverse repurchase), medium - term (MLF, outright reverse repurchase, and various structural tools), and long - term (reserve requirement ratio cut, treasury bond trading) tools [4][17] - The reverse repurchase tool fluctuates in the range of 0 - 3 trillion; the balance of the outright reverse repurchase and MLF is flexibly adjusted between 4 - 5 trillion; the PSL balance has declined to below 2 trillion; other structural monetary policy tools total about 3.9 trillion, accounting for about 22% of the relevant subject, and there is still about 1 trillion of the subject without a clear corresponding tool [4][21][22] 3.3 Cross - Half - Year Liquidity Pressure is Controllable, Focus on Short - End Allocation Opportunities - After the double cuts, the central bank's investment thinking is relatively positive. In May, after the reserve requirement ratio cut, the MLF, outright reverse repurchase, and 7D reverse repurchase maintained positive investment. The pre - operation of the outright reverse repurchase in June is conducive to stabilizing capital expectations [5][25] - Historically, the central bank has mostly protected the market during the cross - half - year period. It is expected that the risk of a significant tightening of funds is relatively controllable. The DR007 is expected to be in the range of 1.5 - 1.65% [5][31][33] - For short - end varieties, when the yield of 1 - year certificates of deposit of state - owned and joint - stock banks is above 1.7%, their allocation value can be considered. The cost - performance of short - term treasury bonds is relatively high, and attention should be paid to the impact of the central bank's restart of treasury bond trading on the short - end market [6][36][37]

"汇金公司是维护资本市场稳定的重要战略力量。人民银行坚定支持汇金公司在必要时实施对股票市 场指数基金的增持，并向其提供充足的再贷款支持，坚决维护资本市场的平稳运行。"潘功胜强调。 2025.05. 07 本文字数：1267，阅读时长大约2分钟 作者 | 第一财经 杜川 支持资本市场稳定发展，两项货币政策工具迎来优化。 2024年10月，为支持资本市场稳定发展，人民银行会同有关部门创设了支持资本市场的两项货币政 策工具，即证券、基金、保险公司互换便利以及股票回购增持再贷款，首期额度分别为5000亿元和 3000亿元。 5月7日，央行行长潘功胜在国新办新闻发布会上宣布优化工具政策要素，提高政策实施效率。 一是将两项工具总额度8000亿元合并使用，额度打通后两个工具都可以用，有助于提升工具便利 性、灵活性，更好满足不同类型机构的需求。 二是互换便利方面，将参与机构范围由首批20家券商基金扩大至40家的备选机构池，质押品范围纳 入港股、限售股等，并指导金融基础设施降低业务收费标准。 三是回购增持再贷款方面，将贷款最长期限由1年延至3年，鼓励银行发放信用贷款，将上市公司回 购增持股票的自有资金比例要求从30%下调至10 ...

Core Viewpoint - The People's Bank of China (PBOC) has announced the merger of two monetary policy tools aimed at supporting capital market stability, with a total quota of 800 billion yuan, enhancing the convenience and flexibility of these tools to better meet the market needs of various institutions [1][2]. Group 1 - The two monetary policy tools, namely the securities, fund, and insurance company swap facility and the stock repurchase increase loan, were created to support the stable development of the capital market, with initial quotas of 500 billion yuan and 300 billion yuan respectively [1]. - As of now, the swap facility has conducted two operations totaling 105 billion yuan, and over 500 listed companies have announced the use of loan repurchase to increase stock buybacks, with a total loan amount nearing 300 billion yuan [1]. - The merger of the two tool quotas is expected to better release their effectiveness, as both tools have been well-received in the market, demonstrating ideal business scale and response speed [1]. Group 2 - The PBOC plans to continuously improve the policy elements of these two tools to maintain their supportive role in the capital market, optimizing aspects such as the range of participating institutions, loan terms, and self-funding ratios [2]. - Experts anticipate that relevant departments will further optimize policy design based on practical business developments and market needs to enhance the tools' effectiveness in supporting capital market stability [2].