In April, the scale of buyout reverse repurchase operations reached 1.2 trillion yuan. Experts believe that the normalization of buyout reverse repurchase operations can set an example for the market.

In April 2025, the People's Bank of China carried out a 1.2 trillion yuan repurchase operation, including 700 billion yuan for a three-month period and 500 billion yuan for a six-month period. Liao Bo, the Chief Macro Analyst at Zheshang Securities, pointed out that with the approaching May Day holiday, funds may face certain pressure due to the holiday period, and this is expected to cause some disturbance in the market liquidity. Therefore, whether it is the increased MLF net injection in April or the repurchase operations, it may indicate the hedging of liquidity pressure from the concentrated issuance of bonds in the second and third quarters. The repurchase operation uses fixed quantity, interest rate bidding, and multiple price bidding, which more accurately reflects institutional fund demand. Liao Bo believes that this operation is beneficial for maintaining reasonable liquidity for all maturities and improving the level of liquidity management precision.