央行再加码中期流动性投放，连续两度提前公告稳定预期

Group 1 - The central bank's proactive policy operations and information disclosure have met the liquidity needs at the end of the quarter while enhancing market confidence through forward-looking policy communication [1][3] - Since June, the People's Bank of China has signaled an increase in medium-term liquidity injection through two consecutive announcements of reverse repos, including a 1 trillion yuan operation on June 5 and a 400 billion yuan operation on June 13 [1][2] - By the end of June, the central bank is expected to achieve a net liquidity injection of 200 billion yuan, with 500 billion yuan from the 3-month reverse repos and a net withdrawal of 300 billion yuan from the 6-month reverse repos [1] Group 2 - The continuous increase in reverse repo operations in June, following a May reserve requirement ratio cut, serves three policy purposes: countering the pressure from government bond issuance and interbank certificate maturities, signaling ongoing quantitative monetary policy efforts, and improving transparency in monetary policy operations [2] - In May, the central bank's long-term liquidity supply exceeded 1 trillion yuan, effectively offsetting the pressure from government bond net payments, which reached 9,102 billion yuan, the highest since 2025 [2] - Market participants expect the central bank to continue using various tools, including pledged reverse repos and MLF, to maintain reasonable liquidity levels and support effective credit growth in the real economy [3]