Huaxi Securities(SZ:002926) Zheng Quan Ri Bao·2025-05-25 16:07Group 1 - The People's Bank of China (PBOC) has implemented various monetary policy tools since May to maintain ample liquidity, including a 0.5 percentage point reserve requirement ratio (RRR) cut expected to provide approximately 1 trillion yuan in long-term liquidity [1] - The PBOC's operations included a net withdrawal of 781.7 billion yuan from May 6 to May 9, a net withdrawal of 350.1 billion yuan from May 12 to May 16, and a net injection of 460 billion yuan from May 19 to May 23 [1] - On May 23, the PBOC conducted a 500 billion yuan Medium-term Lending Facility (MLF) operation, resulting in a net injection of 375 billion yuan after offsetting 125 billion yuan of maturing MLF [1] Group 2 - A report from Huaxi Securities indicates that the funding environment in the last week of May may be influenced by tax periods and seasonal factors, suggesting that the PBOC's support will be crucial for maintaining stability [2] - The amount of reverse repos maturing from May 26 to May 30 is 946 billion yuan, and the report anticipates that the PBOC may maintain a certain level of liquidity injection to alleviate funding pressure [2] - In April, the PBOC conducted a 600 billion yuan MLF operation, resulting in a net injection of 500 billion yuan after offsetting 100 billion yuan of maturing MLF, alongside a 12 trillion yuan reverse repo operation [2] Group 3 - The cumulative net injection of approximately 1.4 trillion yuan in long-term funds from MLF and RRR cuts in May may lead to some net withdrawal from reverse repos, given the stable and slightly loose funding environment [3]