Analysis of Multiple Financial Market Events on January 15, 2026

Based on my search results, an important correction is needed:

. Below is a comprehensive analysis of multiple events on that day:

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[1][2]

The People’s Bank of China conducted a 900 billion yuan outright reverse repo operation on January 15 via a fixed-quantity, interest rate bidding, multi-price winning method, with a term of 6 months (181 days). Since 600 billion yuan of 6-month outright reverse repos matured in January, this operation achieved

, marking the 5th consecutive month of increased rollovers, with the increment scale up by 100 billion yuan compared to the previous month[1].

:

• Provide liquidity support for the early issuance of 2026’s new local government debt quotas to ensure the smooth issuance of government bonds
• Create a favorable liquidity environment for the credit “strong start”
• Address supporting loan demand following the launch of the 500 billion yuan new policy-based financial tool in October 2025
• Signal continued reinforcement of quantitative policy tools, with the monetary policy maintaining its “moderately loose” stance

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: Effects of Monetary and Financial Policies in Supporting High-Quality Development of the Real Economy

:

• 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[3]

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Although there was no Ministry of Commerce press conference on January 15, the

, where eight key tasks for 2026 were deployed[4]:

Key Area	Specific Measures
Consumption Boost	Deepen the implementation of the special action to boost consumption and build the “Shop in China” brand; optimize the trade-in policy for consumer goods; develop digital consumption, green consumption, and health consumption
Modern Market System	Advance the construction of a unified national market; promote the integration of domestic and foreign trade
Trade Innovation	Build the “Export from China” brand; optimize and upgrade goods trade; innovate and develop digital trade and green trade
Foreign Investment Attraction	Build the “Invest in China” brand; expand orderly opening-up of the service sector
Opening-Up Highlands	Fully and deeply implement the strategy to upgrade pilot free trade zones; improve the level of trade and investment liberalization and facilitation in the Hainan Free Trade Port
Overseas Investment	Deepen economic and trade cooperation under the “Belt and Road Initiative”; develop Silk Road e-commerce
Multilateral Cooperation	Implement the four global initiatives; expand and enrich the free trade zone network
Risk Prevention and Control	Improve the foreign-related legal system; improve the trade risk prevention and control mechanism

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:

1. Breakthroughs in Bonded Maintenance Policy
   • The Ministry of Commerce, together with the Ministry of Ecology and Environment and the General Administration of Customs, issued a notice allowing enterprises in comprehensive bonded zones to carry out bonded maintenance business for self-produced exported mechanical and electrical products under the “both ends outside China” model
   • The 4th batch of the list of maintenance products for comprehensive bonded zones added 179 items including communication base stations and new energy vehicle power batteries
   • A total of 276 products can now be covered by bonded maintenance, driving the implementation of nearly 240 projects in the zones

2. China-ROK Economic and Trade Cooperation
   • Multiple economic and trade cooperation outcomes were reached during the visit of ROK President Yoon Suk Yeol to China

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:

• The PBOC’s liquidity injection supports market liquidity, leading to a pullback in bond yields in the afternoon, with the 10-year treasury bond turning positive
• The 30-year treasury bond still rose by 0.8 BP, reflecting the market’s cautious attitude towards long-term interest rates

:

• The margin requirement for financing was raised from 80% to 100% (announcement by the Shanghai, Shenzhen, and Beijing Stock Exchanges), curbing excessive leverage
• The policy package is conducive to the high-quality development of the real economy

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[1] China Fund News - PBOC to Conduct 900 Billion Yuan Outright Reverse Repo Operation (https://www.chnfund.com/article/ARbb4d1439-e47f-44cc-9617-3a1ece695dc1)

[2] Sina Finance - 300 Billion Yuan Increment: PBOC to Conduct 900 Billion Yuan Outright Reverse Repo Operation Tomorrow (https://cj.sina.com.cn/articles/view/1617264814/606580ae02002i1ow)

[3] CLS.cn - Bond Market Morning Briefing, January 15 (https://www.cls.cn/detail/2258234)

[4] Ministry of Commerce - National Commerce Work Conference Held in Beijing (https://www.mofcom.gov.cn/syxwfb/art/2026/art_44f57e2fe15145888515e17216125947.html)

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: The policy highlights on January 15, 2026 were the PBOC’s liquidity injection operation (900 billion yuan reverse repo) and the monetary and financial policy press conference, reflecting the policy intent of maintaining the “moderately loose” monetary policy stance and supporting the real economy. The Ministry of Commerce’s work priorities focus on boosting consumption, trade innovation, and higher-level opening-up in the opening year of the 15th Five-Year Plan period.