中国人民银行于9月14日至17日连续四个工作日开展隔夜逆回购操作，单日规模上限为6000亿元1。此举旨在应对9月15日税期导致的资金集中流出压力，因为9月15日是本月主要税种申报纳税的统一截止日1。
隔夜逆回购操作具有期限短、回笼快的特点1。该工具的借用期限仅为一夜，次日本息即自动回笼1。作为临时性资金投放方式，隔夜逆回购资金在次日全部回笼，因此不改变市场货币存量1。这种日清日结的运作机制使央行能够精准匹配短期流动性需求，体现了从粗放型向精准型流动性调控的转变，不同于传统的降准降息政策1。
央行副行长陆磊表示，"十五五"时期将更加灵活精准开展公开市场操作1。
The People's Bank of China carried out consecutive overnight reverse repurchase operations across four business days from September 14 to 17, with a daily maximum scale of 6 billion yuan, to address concentrated outflows of funds triggered by the September 15 tax payment deadline 1. This series of operations reflects the central bank's shift from broad-based to precision-targeted liquidity management, deploying short-term funding solutions that match immediate market needs rather than relying on conventional interest rate cuts or reserve requirement adjustments 1.
Overnight reverse repos function as temporary liquidity injections with a one-day borrowing period, allowing funds and accrued interest to automatically return to the central bank balance sheet the following day 1. Because all capital is recovered daily, these operations do not alter the total money supply in the market 1. Deputy Governor Lu Lei of the PBOC indicated that during the forthcoming "15th Five-Year Plan" period, the central bank will conduct public market operations with even greater flexibility and precision 1.
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