央行多管齐下，为市场注入了稳定且充裕的流动性

Core Viewpoint - The central bank has been actively implementing monetary policy measures to inject stability and ample liquidity into the market, supporting the ongoing economic recovery [1][3]. Group 1: Monetary Policy Actions - On July 3, the central bank conducted a 572 billion yuan 7-day reverse repurchase operation at an interest rate of 1.40%, despite a net withdrawal of 4,521 billion yuan due to the maturity of 5,093 billion yuan in reverse repos on the same day [1]. - In June, the central bank's liquidity injection included a net reverse repo of 5,359 billion yuan, a net MLF injection of 1,180 billion yuan, and a net injection of 2,018 billion yuan from other structural monetary policy tools [3][4]. - The central bank's monetary policy committee has decided to enhance the intensity of monetary policy adjustments, aiming to maintain ample liquidity and guide financial institutions to increase credit supply [3][5]. Group 2: Market Conditions - The interbank market remains stable with a continued decline in the weighted average rate of repos, and the overnight rate has stabilized around 1.36%, marking a six-month low [1]. - The one-year interbank certificates of deposit have seen a slight decrease to around 1.62%, indicating a downward trend in borrowing costs for non-bank institutions [1]. - Analysts expect the liquidity conditions in July to remain loose, supported by the seasonal factors and the central bank's commitment to maintaining liquidity amid external uncertainties [3]. Group 3: Future Expectations - The central bank is likely to continue its proactive liquidity management, with expectations of further reductions in reserve requirements and interest rates, as well as the potential resumption of government bond trading operations [5]. - New policy financial tools are being developed, with a proposed funding amount of 500 billion yuan targeting sectors such as digital economy and artificial intelligence [4].