据央行公告消息，为保持银行体系流动性充裕，2025年12月15日，央行将以固定数量、利率招标、多重 价位中标方式开展6000亿元买断式逆回购操作，期限为6个月（182天）。 数据显示，因12月有4000亿元6个月期买断式逆回购到期，再开展的6000亿元买断式逆回购操作，意味 着当月6个月期买断式逆回购加量续作，加量规模为2000亿元，为6个月期买断式逆回购连续第四个月加 量续作。 此前，央行已于12月5日开展10000亿元3个月期买断式逆回购，结合当月10000亿元到期量，12月3个月 期买断式逆回购为等量续作。 业内人士分析称，综合看，12月两个期限品种的买断式逆回购合计加量续作2000亿元，加量规模较上月 减少3000亿元，为央行连续第7个月通过买断式逆回购向市场注入中期流动性。 此外，12月还有3000亿元MLF到期，央行也可能加量续作。总体上看，业内人士分析，12月央行会综 合运用买断式逆回购、MLF两项政策工具，持续向市场注入中期流动性。不过，12月买断式逆回购加 量规模较上月下降3000亿元，降至8月以来最低水平，也可能意味着12月中期流动性投放量会较此前每 月6000亿元的较高水平有所回落。 业 ...

12月初，央行继续通过买断式逆回购操作向银行体系注入流动性。 据中国人民银行网站12月4日消息，为保持银行体系流动性充裕，2025年12月5日，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）。 这一操作，恰好对冲当月到期的10000亿元3个月期买断式逆回购 —— 也就是说，这是等量续作，也是 该工具连续第二个月 "原样续上"。 同业存单到期高峰：12月银行同业存单到期规模高达3.7万亿元，创年内新高，滚续压力陡增。 这些因素叠加，很容易造成短期资金面 "抽紧"。而央行提前出手，通过买断式逆回购注入中期流动 性，正是为了 "未雨绸缪"，稳住资金面，不让市场 "缺水"。 为何是 "等量续作" 而非加码？ 虽然表面看是 "平进平出"，但背后藏着央行对年末流动性格局的精准拿捏。 什么是 "买断式逆回购"？ 这项工具其实并不算新面孔 ——2024年10月28日，央行正式启用公开市场买断式逆回购操作工具，标 志着该工具进入常态化应用阶段。简单来说，就是央行主动向一级交易商买入债券并约定未来买回，相 当于 "先给钱、后收券"，直接向市场注入中期流动性。 相比传统逆回购（ ...

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 700 billion yuan reverse repurchase operation on November 5, maintaining liquidity in the market as it matches the maturity of the same amount of reverse repos due this month [1][4]. Group 1: Reverse Repo Operations - The PBOC has consistently conducted two reverse repo operations of different maturities each month since June, with expectations for another six-month reverse repo operation in November, indicating continued net liquidity injection [4][5]. - The central bank aims to stabilize the banking system's liquidity through reverse repos, especially in light of potential tightening pressures, thereby maintaining a relatively abundant funding environment [5][6]. Group 2: Government Bond Operations - The PBOC resumed government bond trading operations in October, injecting 20 billion yuan, which is seen as a significant signal for the market despite the small amount [4][7]. - The resumption of bond operations is expected to improve market sentiment and reverse bearish expectations in the bond market, with the 10-year government bond yield declining from 1.8423% to 1.7984% following the announcement [8][9]. Group 3: Market Impact and Expectations - Analysts suggest that the PBOC's actions are aimed at addressing the imbalance in the bond market and managing liquidity effectively, with expectations that the central bank may need to purchase between 700 billion to 1 trillion yuan in bonds to maintain stability [9].

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 700 billion yuan reverse repurchase operation on November 5, maintaining liquidity in the banking system as it faces significant maturity amounts this month [1][2]. Group 1: Reverse Repo Operations - The PBOC will conduct a 700 billion yuan reverse repo operation with a term of three months, which is equivalent to the amount maturing in November [1]. - Despite a total of 1 trillion yuan in reverse repos maturing this month, the PBOC has been consistently conducting two different term reverse repo operations each month since June [2]. - Market institutions expect another six-month reverse repo operation in November, indicating continued net liquidity injection [2]. Group 2: Market Signals and Expectations - The PBOC's resumption of government bond trading operations in October, with a 20 billion yuan injection, is seen as a significant signal for the market, despite the small amount [2][4]. - Analysts believe that the PBOC's actions are aimed at stabilizing the banking system's liquidity and maintaining a supportive monetary policy stance [4][5]. - The resumption of government bond operations is expected to improve market sentiment and reverse negative expectations in the bond market [6][7]. Group 3: Bond Market Dynamics - The 10-year government bond yield has decreased from 1.8423% to 1.7984% following the PBOC's announcement to resume bond buying operations [7]. - The PBOC's bond buying is necessary to maintain a stable scale of government bonds held, with estimates suggesting a need to purchase between 700 billion to 1 trillion yuan this year [7].

Core Viewpoint - The People's Bank of China (PBOC) has increased its medium-term liquidity injection, conducting a 600 billion yuan MLF operation on September 25, 2025, to alleviate liquidity pressure in the market [3][4][6]. Group 1: Liquidity Injection Measures - On September 25, the PBOC conducted a 600 billion yuan MLF operation, resulting in a net injection of 300 billion yuan after 300 billion yuan of MLF matured [3][6]. - The PBOC also executed a 4,835 billion yuan 7-day reverse repurchase operation on the same day, with an interest rate of 1.40% [3][6]. - Throughout September, the PBOC has maintained a consistent operation scale, conducting two buyout reverse repurchase operations totaling 300 billion yuan, matching the previous month's scale [3][5]. Group 2: Market Conditions and Responses - The week of September 22-26 saw a significant maturity of funds, totaling 21,268 billion yuan, with 18,268 billion yuan in reverse repos and 3,000 billion yuan in MLF, raising concerns about liquidity pressure [5][6]. - The PBOC's MLF operation on September 25 effectively alleviated market concerns regarding concentrated fund maturities, providing a stabilizing effect [6][8]. Group 3: Policy Considerations - The PBOC's ongoing liquidity injections are driven by multiple policy considerations, including the need to support government bond issuances and ensure sufficient credit availability for enterprises and households [7][10]. - Recent market conditions, including rising medium to long-term interest rates and tightening liquidity in the banking system, have prompted the PBOC to increase liquidity injections to stabilize market expectations [7][10]. Group 4: Adjustments to Operations - The PBOC has optimized its operational tools and timing to enhance the precision and effectiveness of liquidity management, particularly in anticipation of seasonal funding demands [11][12]. - The introduction of a new mechanism for the 14-day reverse repurchase operation aims to address liquidity needs around holidays and month-end, with a focus on maintaining market stability [12][13]. Group 5: Future Outlook - Experts predict that the PBOC will continue to adopt a supportive stance towards market liquidity, with manageable fluctuations in cross-quarter funding rates [15][16]. - The recent reforms in the 14-day reverse repurchase operation mechanism are expected to signal a more proactive approach to liquidity management, potentially leading to lower interest rates in the short term [15][16].