The central bank: On April 7th, it will conduct 800 billion yuan of outright reverse repo operations.

April 3, the People’s Bank of China released a public-market buy-in reverse repo tender announcement, stating that in order to keep liquidity in the banking system abundant, on April 7, 2026, it will conduct an 800 billion yuan buy-in reverse repo operation using fixed-amount and interest-rate bidding, with a multiple-price winning method. The term is 3 months (89 days), and the maturity date is July 5, 2026 (to be extended if it falls on a holiday).

This month, a total of 1.1 trillion yuan of 3-month buy-in reverse repo will mature in the open market. After the April 7 operation, 300 billion yuan will be net withdrawn. This is the central bank’s second consecutive month of net withdrawal of 3-month buy-in reverse repo.

In addition, this month will also see 600 billion yuan of 6-month buy-in reverse repo and 600 billion yuan of the Medium-Term Lending Facility (MLF) mature.

At the People’s Bank of China Monetary Policy Committee’s 2026 first-quarter meeting, when studying the main ideas for monetary policy in the next stage, it pointed out that it is recommended to leverage the integrated effects of both incremental and existing policies, and to comprehensively use various tools to strengthen monetary policy regulation, taking into account domestic and international economic and financial conditions and the operation of financial markets, and to grasp the intensity, cadence, and timing of policy implementation. Keep liquidity abundant, so that social financing growth and money supply growth are aligned with economic growth and the expected targets for the overall price level.

（Source: The Paper）