Comprehensive Analysis of the PBoC's Reverse Repurchase Operation and Financial Market Events on January 15, 2026

Based on the collected information, I will systematically analyze multiple financial market events on January 15, 2026 for you.

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On January 15, 2026, the People’s Bank of China (PBoC) issued an announcement that it would conduct an

with a term of 6 months (181 days) via the method of [1][2][3].

Item	Specific Data
Operation Scale	RMB 900 billion
Operation Term	6 months (181 days)
Operation Method	Fixed quantity, interest rate bidding, multi-price winning
Net Injection Scale	RMB 300 billion (RMB 600 billion maturing + RMB 900 billion injected)

: This marks the that the PBoC has conducted increased rollovers of outright reverse repurchase operations [1][2]. The scale of this increase is RMB 100 billion more than last month, indicating the PBoC’s continuous support for market liquidity.

(Source: Wang Qing, Chief Macro Analyst of Orient Jincheng):

• The 2026 new local government debt quota has been issued in advance, and a certain scale of government bonds will be issued in January [2]
• After the RMB 500 billion new policy-based financial tools were fully disbursed in October 2025, a large-scale supporting loan disbursement will be made in January [2]
• The above factors will lead to tight liquidity; the PBoC injects medium-term liquidity via outright reverse repurchase operations to guide liquidity to remain sufficient and stable [2]

Date	Operation Type	Operation Scale	Maturity Volume	Net Injection
January 8	3-month outright reverse repurchase	RMB 1.1 trillion	RMB 1.1 trillion	Rollover at equal scale
January 15	6-month outright reverse repurchase	RMB 900 billion	RMB 600 billion	Net injection of RMB 300 billion
Late January	MLF (Expected)	To be determined	RMB 200 billion	Expected rollover at equal or slightly increased scale

: The total net injection of outright reverse repurchase operations of the two tenors in January is .

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• Time
  : 3:00 PM, Thursday, January 15, 2026
• Speakers
  :
  • Zou Lan, Spokesperson and Deputy Governor of the People’s Bank of China
  • Li Bin, Spokesperson and Deputy Administrator of the State Administration of Foreign Exchange (SAFE)
• Theme
  : Introducing the effectiveness of monetary and financial policies in supporting high-quality development of the real economy [4]

Based on the PBoC’s policy statements at previous press conferences held by the State Council Information Office, the market expects this conference to cover the following topics:

1. Optimization of Capital Market Support Tools
   (Swap facilities, relending for share buybacks and holdings)
2. Deployment of Incremental Policy Reserves
3. Monetary Policy to Maintain the “Moderately Loose” Tone
4. Specific Arrangements for Liquidity Management

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According to Wind data, a total of

will have their restricted shares unlocked successively this week (January 12 to January 16), with a total unlocked share volume of . Based on the closing price on January 9, the [5].

Date	Number of Unlocking Companies	Unlocking Market Value (RMB 100 million)	Proportion
January 12 (Peak)	9	177.61	36.58%

Rank	Company	Unlocking Market Value (RMB 100 million)	Unlocked Share Volume (100 million shares)
1	Tianxin Pharmaceutical	78.41	2.91
2	Saifen Technology	47.02	-
3	Shangtai Technology	20.23	7.25

• Initial Original Shareholder Restricted Shares: 5 companies
• Equity Incentive Ordinary Shares: 5 companies
• Initial Original Shareholder Restricted Shares + Initial Strategic Placement Shares: 4 companies
• Private Placement Institutional Placement Shares: 4 companies
• Equity Incentive Restricted Shares: 2 companies

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According to data previously disclosed by the PBoC (as of Q4 2025):

Tool	Scale	Implementation Status
Swap Facilities	Initial quota of RMB 500 billion	2 operations have been conducted, with a total amount of RMB 105 billion
Relending for Share Buybacks and Holdings	Initial quota of RMB 300 billion	Over 500 listed companies and major shareholders have announced usage, with a total loan amount of approximately RMB 300 billion

• Both tools
  have built-in countercyclical adjustment attributes
  and mainly play a floor-supporting role [6]
• When the capital market is significantly undervalued, the willingness of market participants to use the tools increases
• They have played a stabilizing role at such junctures as November last year, around this year’s New Year’s Day, and during the U.S. tariff shock [6]
• Quotas have been merged for usage
  (the total quota of RMB 800 billion has been integrated), improving the convenience of the tools [6]

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:

• Dividend Plan: Cash dividend of
  RMB 0.3 per share (pre-tax)
• Record Date: To be confirmed (determined in the equity distribution implementation announcement)
• Differentiated Dividend: Excluding 43.0539 million shares held in the special share repurchase securities account
• Actual Capital Stock Participating in Distribution: 1.428 billion shares
• Total Cash Dividend: RMB 428 million (pre-tax) [7]

:

• Dividend Plan: Cash dividend of
  RMB 0.70 per 10 shares (pre-tax)
• Record Date for Equity Distribution: During January 2026
• As convertible bonds are in the conversion period, conversion will be suspended during this period to ensure capital stock stability [8]

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:

1. The PBoC has conducted increased rollovers of outright reverse repurchase operations for 8 consecutive months with a net injection of RMB 300 billion, reflecting the
   supportive stance
   of monetary policy [1][2]
2. The MLF is expected to be rolled over at equal or slightly increased scale, further stabilizing liquidity expectations
3. The long-term stock investment pilot is continuously advancing (the number of private securities investment funds of insurance capital has increased to 11) [4]

:

1. Pressure from government bond issuance due to the advance issuance of local government debt quotas
2. Disbursement of supporting loans for policy-based financial tools
3. The scale of restricted share unlockings this week reaches RMB 48.556 billion
4. Pressure from cash demand rebounds as the Spring Festival approaches

1. Continuous Strengthening of Quantitative Tools
   : As a medium-term liquidity management tool, the operation scale of outright reverse repurchase operations continues to expand, releasing a
   loosening signal
   of monetary policy [2]
2. Targeted Drip-Feeding Orientation
   : Guide funds to key areas such as manufacturing and micro, small, and medium-sized enterprises (MSMEs) via targeted tools to avoid idle funds [1]
3. Coordination of Multiple Tools
   : Comprehensively use tools such as outright reverse repurchase operations, MLF, and government bond trading to maintain sufficient liquidity supply [2]
4. Improvement of Capital Market Stabilization Mechanism
   : Swap facilities and relending for share buybacks and holdings have established an internal stabilization mechanism, and usage efficiency has improved after quota integration [6]

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Time	Matters to Focus On
Late January	MLF maturity and rollover situation
Late January	Implementation of policy statements from the State Council Information Office press conference
Before the Spring Festival	Liquidity arrangements ahead of the Spring Festival
Subsequent	Progress of expansion of the long-term investment pilot for insurance capital

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[1] Tencent News - PBoC to Conduct RMB 900 Billion Outright Reverse Repurchase Operation with an Increased Scale of RMB 300 Billion
https://news.qq.com/rain/a/20260114A068GI00

[2] Eastmoney - Expert Interpretation of the RMB 900 Billion Outright Reverse Repurchase Operation
https://finance.eastmoney.com/a/202601143619181374.html

[3] People’s Daily Online - PBoC Conducts Increased Rollover of 6-Month Outright Reverse Repurchase Operation
http://finance.people.com.cn/n1/2026/0115/c1004-40645833.html

[4] NetEase Finance - Fiscal and Financial Coordination to Boost Domestic Demand; Long-Term Stock Investment Pilot Welcomes Additional Capital Again
https://m.163.com/dy/article/KJA3PU6S0519QIKK.html

[5] Investing.com - This Week’s Trading Strategy: Short-Term Market Momentum Expected to Continue
https://cn.investing.com/analysis/article-200496976

[6] PBoC Official Website - Transcript of the Monetary Policy Press Conference Held by the State Council Information Office
https://www.pbc.gov.cn/goutongjiaoliu/113456/113469/2025092212554731632/index.html

[7] CFi.net - Youfa Group Announces 2025 Dividend Implementation Plan
https://www.cfi.net.cn/p20260113000677.html

[8] Shanghai Securities News - Shanghai Aladdin Biochemical Technology Co., Ltd. Regarding the Implementation of Equity Distribution for the First Three Quarters of 2025
https://paper.cnstock.com/html/2026-01/13/content_2169377.htm

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: January 15, 2026 is an important juncture for the financial market. The PBoC’s RMB 900 billion outright reverse repurchase operation reflects the policy intention of maintaining the “moderately loose” tone of monetary policy and keeping liquidity sufficient. Combining multiple events such as the policy press conference by the State Council Information Office, restricted share unlockings, progress of share buybacks and private placements, and dividend registration, market liquidity remains generally sufficient, but attention needs to be paid to periodic disturbance factors such as government bond issuance and cash demand ahead of the Spring Festival.