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 789.3 billion yuan reverse repos [1] - The MLF (Medium-term Lending Facility) operations in July included a total injection of 100 billion yuan, 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 monthly from August to September, increasing the demand for stable funding from banks [3] - The PBOC is likely to continue using OMO, MLF, and reverse repos to manage liquidity, with potential for government bond purchases and reserve requirement ratio cuts to inject liquidity [3]
7月下旬资金面扰动因素增多 央行“组合拳”呵护流动性
Zhong Guo Chan Ye Jing Ji Xin Xi Wang·2025-07-31 22:13