Group 1 - The People's Bank of China (PBOC) conducted a reverse repurchase operation of 220.5 billion yuan at a fixed rate of 1.4% on June 23, resulting in a net withdrawal of 21.5 billion yuan after 242 billion yuan of reverse repos matured on the same day [1] - The interbank market's 7-day repo rate (DR007) remained stable, averaging 1.53% in June, with a closing rate of 1.5075% on June 23 [1] - Analysts expect the liquidity in June to remain stable across the quarter-end, supported by previous large-scale reverse repo operations and increased fiscal spending [1][2] Group 2 - The PBOC has conducted significant reverse repo operations in June, including 1 trillion yuan for 3-month and 400 billion yuan for 6-month terms, resulting in a net injection of 200 billion yuan after offsetting maturing repos [2] - Current funding prices are relatively low, and the supply of funds is ample, with banks maintaining a high willingness to lend [2] - The PBOC is likely to continue its trend of excess Medium-term Lending Facility (MLF) operations, which is expected to support liquidity in the banking system amid large-scale government bond issuances [3]
央行呵护年中流动性 资金面有望平稳跨季
Zheng Quan Ri Bao·2025-06-23 16:27