Group 1 - The People's Bank of China (PBOC) conducted a 220.5 billion yuan 7-day reverse repurchase operation, maintaining the operation rate at 1.40%, resulting in a net withdrawal of 21.5 billion yuan due to 242 billion yuan of reverse repos maturing on the same day [1] - Last week, the central bank's net liquidity injection was 102.1 billion yuan, with 182 billion yuan of Medium-term Lending Facility (MLF) maturing on June 17 [1] - As the end of the quarter approaches, there has been a slight increase in funding stratification, but the overall liquidity remains loose, with overnight funding rates rising slightly [1] Group 2 - This week, the scale of reverse repos maturing will rise to 960.3 billion yuan, and the net payment of government bonds will increase to 789.8 billion yuan, the highest level since late April [2] - Concerns about cross-quarter liquidity may arise due to the concentration of government bond payments and the issuance of large amounts of certificates of deposit [2] - The central bank's liquidity support will be crucial for maintaining stability in the banking sector's liabilities as the quarter-end approaches [2] Group 3 - Recent actions by the central bank, including buyout reverse repos, aim to maintain ample liquidity, with expectations for social financing to continue to rebound [3] - The Loan Prime Rate (LPR) remained unchanged, indicating a lack of incentive for commercial banks to lower rates further [3] - The central bank is expected to maintain a loose liquidity stance to counter potential external demand pressures [3] Group 4 - Future policies will be adjusted based on economic changes, with potential for increased efforts to stabilize growth in the second half of the year [4] - The establishment of new policy financial tools is anticipated to boost investment by serving as project capital [4]
一周流动性观察 | 跨季叠加地方债放量央行维持呵护态度 预计跨季资金无忧
Zhong Guo Jin Rong Xin Xi Wang·2025-06-23 02:24