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Finance Takeaway
中国金融聚焦
CN
央行新操作丰富货币政策工具箱
10月28日，中国人民银行宣布从即日起启用公开市场买断式逆回购操作工具。操作对象为公开市场业务一级交易商，原则上每月开展一次操作，期限不超过1年。回购标的包括国债、地方政府债券、金融债券、公司信用类债券等品种。
此前央行使用过的货币政策工具通常包括基准利率和LPR调整、再贷款和再贴现、或者其他宏观政策工具。今年以来，央行也曾分别于7月公布临时正回购或临时逆回购操作和8月向部分公开市场业务一级交易商买入短期限国债并卖出长期限国债。
相比传统的逆回购操作，买断式逆回购的期限更长，可能在1个月至1年之间。同时，央行在从一级交易商手中买入债券后将获得债券的所有权，这意味着央行可以对现券进行买卖、封闭式回购，并最终将相同数量和类型的债券返售给正回购方。
央行文件还提到，本次政策工具采用固定数量、利率招标、多重价位中标，各机构按照从高到低的顺序依次中标。专家称，这一方法可以更真实地反映机构对资金的需求程度，进一步增强流动性政策工具的有效性，并为应对年末万亿元MLF到期提供了应对方案。
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EN
New PBOC Operations Expands China’s Monetary Policy Toolkit
On 28 October, the People's Bank of China (PBOC) announced the introduction of a new outright reverse repurchasing tool for open market operations. Through this mechanism, the central bank has already injected RMB 500 billion into the banking system in October. The facility will be available to primary dealers and will, in principle, operate once a month, with a maximum duration of one year. The assets eligible for repurchase under this mechanism include sovereign bonds, local government bonds, financial bonds, and corporate credit bonds.
Previously, the PBOC typically relied on tools such as benchmark rate and Loan Prime Rate (LPR) adjustments, relending and rediscounting facilities, as well as other macroeconomic policy instruments. This year, however, the PBOC also conducted temporary repo and reverse repo operations in July and, in August, executed short-term government bond purchases and sales of longer-term government bonds from primary dealers.
Compared to the traditional reverse repurchasing mechanism, ‘outright reverse repos’ feature longer terms, from one month to a year. Under this arrangement, once the PBOC buys bonds from primary dealers, it assumes full ownership of the securities. This allows the central bank the flexibility to trade these bonds, engage in closed-end repos, and ultimately resell the same quantity and type of bonds to the original repo counterparty.
The PBOC's documentation further explains that this tool will utilise a fixed-quantity, interest-rate bidding process with multi-price bidding, where institutions are selected in descending order of bid rate. Experts indicate that this approach better reflects each institution’s actual demand for liquidity, enhancing the effectiveness of monetary policy tools while providing a strategy to manage the maturity of trillions of RMB in medium-term lending facilities (MLF) at the end of the year.
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