央行呵护市场流动性 6月份资金面或延续平稳

Group 1 - The People's Bank of China (PBOC) conducted a 7-day reverse repo operation of 454.5 billion yuan at a fixed rate of 1.40% on June 3, resulting in a net withdrawal of 375.5 billion yuan due to 830 billion yuan of reverse repos maturing on the same day [1] - In May, the PBOC implemented a total of 700 billion yuan in buyout reverse repos, with 400 billion yuan for 3 months and 300 billion yuan for 6 months, leading to a net withdrawal of 200 billion yuan for the month [1] - The PBOC's actions in May included a 0.1 percentage point interest rate cut and a 0.5 percentage point reserve requirement ratio reduction, releasing approximately 1 trillion yuan in liquidity, indicating a continued supportive stance on liquidity [1] Group 2 - The PBOC is closely monitoring changes in overseas central bank policies and is utilizing various monetary policy tools to maintain ample liquidity in the banking system [2] - In June, there is no overall liquidity gap expected, but fluctuations may occur due to concentrated fiscal spending at the end of the month [2] - The net financing scale for government bonds in June is estimated at 963 billion yuan, a significant decrease from 1.49 trillion yuan in May, but fiscal spending is expected to provide some support to liquidity [3] Group 3 - As of June 3, the weighted average interest rate for 7-day pledged repos (DR007) was 1.5496%, down from 1.6645% on May 30 [4]