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货币政策操作凸显前瞻灵活
Jing Ji Ri Bao·2025-06-11 22:17

Group 1 - The People's Bank of China (PBOC) announced a 1 trillion yuan reverse repo operation on June 6, breaking the convention of announcing such operations at the end of the month, which has drawn significant market attention [1] - The reverse repo operation is aimed at enhancing liquidity management and stabilizing the financial system, especially in light of the high volume of interbank certificates of deposit maturing in June, estimated at 4.2 trillion yuan [2] - The operation is expected to result in a net liquidity withdrawal of 200 billion yuan for the month, indicating a strategic approach to managing liquidity levels [1][2] Group 2 - The PBOC's recent actions reflect a more transparent and effective communication mechanism with the market, as evidenced by the updated liquidity injection data for May, which includes various monetary policy tools [3] - In May, the PBOC's net liquidity injections included 1 trillion yuan from reserve requirements and 3.75 trillion yuan from medium-term lending facilities (MLF), while other tools showed net withdrawals, indicating a balanced approach to liquidity management [3] - Analysts expect the PBOC to continue using a combination of liquidity management tools, including reverse repos and MLF, to maintain ample liquidity in the banking system and support credit availability for businesses and households [2][3]