月末资金面扰动因素增多央行“组合拳”呵护流动性

Group 1 - The People's Bank of China (PBOC) shifted from net withdrawal to net injection of liquidity in late July, increasing short-term liquidity provision [1] - From July 21 to July 24, the PBOC conducted net withdrawals of 55.5 billion, 127.7 billion, 369.6 billion, and 119.5 billion yuan, followed by a net injection of 601.8 billion yuan on July 25 after conducting a reverse repo of 789.3 billion yuan [1] - The MLF (Medium-term Lending Facility) saw a net injection of 100 billion yuan in July, marking the fifth consecutive month of increased MLF operations [1] Group 2 - In July, the PBOC conducted a total of 1.4 trillion yuan in reverse repos, achieving a net injection of 200 billion yuan, which effectively met medium-term liquidity needs [2] - The overall net financing scale for government bonds is expected to reach 1.5 to 1.6 trillion yuan per month from August to September, increasing the demand for stable funding from banks [3] - The PBOC is likely to continue using liquidity management tools such as OMO, MLF, and reverse repos to stabilize the market, with potential for government bond purchases and reserve requirement ratio cuts [3]