1月7日，央行披露，为保持银行体系流动性充裕，1月8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11000亿元买断式逆回购操作，期限为3个月（90天）。 由此，王青指出，着眼于应对潜在的流动性收紧态势，央行大概率会通过买断式逆回购向银行体系注入 中期流动性，引导资金面处于较为稳定的充裕状态。这在助力政府债券发行，引导金融机构加大货币信 贷投放力度的同时，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。 1月还有2000亿元MLF到期，王青判断，央行也可能加量续做。总体上看，1月份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。这是2026年货币政策延续"适度宽松"基 调，保持流动性充裕的具体体现。不过，1月份中期流动性加量规模也可能延续2025年12月份的较低水 平，主要源于年初并非政府债券发行高峰期。值得注意的是，受稳增长政策发力显效及外需韧性较强等 带动，2025年12月份官方制造业PMI指数大幅回升至扩张区间，短期内逆周期调节政策加码需求或有所 下降，央行降准预期也可能相应推迟。 数据显示，1月8日将有11000亿元3个月期买断式逆回购到期。 ...

"总体上看，预计12月央行会综合运用买断式逆回购、中期借贷便利（MLF）等工具，持续向市场 注入中期流动性。"王青表示。 责任编辑：袁浩 本报讯 记者马玲报道 12月4日，中国人民银行发布公告表示，为保持银行体系流动性充裕，12月5 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）。 东方金诚首席宏观分析师王青分析认为，数据显示，12月将有10000亿元3个月期买断式逆回购到 期，央行12月5日开展10000亿元买断式逆回购操作，意味着当月3个月期买断式逆回购等量续作，也是 该政策工具连续第二个月等量续作。 ...

Core Viewpoint - The People's Bank of China (PBOC) announced a fixed quantity, interest rate tender, multi-price bidding operation for 800 billion yuan reverse repos on November 17, aimed at maintaining ample liquidity in the banking system [1] Group 1: Reverse Repo Operations - The PBOC will conduct a reverse repo operation of 800 billion yuan with a term of 6 months (182 days) [1] - There are 3 trillion yuan of 6-month and 7 trillion yuan of 3-month reverse repos maturing this month, with the latter already renewed in equal amounts on the 5th [1] - The total amount of reverse repos for both terms is expected to increase by 500 billion yuan, which is 100 billion yuan higher than the previous month [1] Group 2: Market Impact - This operation will inject medium-term liquidity into the market for six consecutive months, helping to stabilize the funding environment and support government bond issuance [1] - Financial institutions are expected to increase monetary credit investments as a result of this liquidity injection [1] - The chief macro analyst from Dongfang Jincheng noted that the PBOC's actions are aimed at maintaining a stable and ample liquidity state [1] Group 3: Future Expectations - On November 25, 900 billion yuan of Medium-term Lending Facility (MLF) will mature, and the reverse repo net injection may help alleviate the pressure of MLF renewal [1][2] - The PBOC's monetary policy execution report emphasizes the need to maintain ample liquidity and create a suitable monetary financial environment [1]

Core Viewpoint - The People's Bank of China (PBOC) is expected to continue injecting medium-term liquidity through MLF and reverse repos in August, with potential rate cuts anticipated in early Q4 [1] Group 1 - The chief macro analyst at Dongfang Jincheng, Wang Qing, interprets that the PBOC will maintain liquidity support through MLF and reverse repos in August [1] - There is an expectation for further reserve requirement ratio (RRR) and interest rate cuts by the PBOC around early Q4 [1]