用好货币政策工具持续呵护流动性

Group 1 - The People's Bank of China (PBOC) announced a buyback reverse repo operation of 1.4 trillion yuan on July 15, 2025, with 800 billion yuan for 3-month and 600 billion yuan for 6-month terms, indicating a proactive approach to maintain liquidity in the banking system [1][2] - The shift from end-of-month to mid-month announcements for reverse repo operations reflects enhanced transparency in monetary policy and improved communication mechanisms, which can effectively guide and stabilize market expectations [1] - The continuous implementation of net reverse repo injections over the past two months, following a reserve requirement ratio cut in May that released approximately 1 trillion yuan in long-term liquidity, signals a commitment to counter-cyclical adjustments in monetary policy [2] Group 2 - The PBOC aims to further implement a moderately loose monetary policy, ensuring that the growth of social financing and money supply aligns with economic growth and price level expectations [2] - The use of reverse repos and medium-term lending facilities (MLF) is intended to optimize the liquidity structure in the market, providing better support for financial institutions to serve the real economy [2]