央行将于8月8日开展7000亿元买断式逆回购

Core Viewpoint - The central bank has significantly increased the scale of reverse repurchase operations in June and July, indicating a proactive approach to maintain liquidity in the financial system [3]. Group 1: Liquidity Operations - In June and July, the central bank conducted reverse repurchase operations amounting to 14,000 billion yuan each month, achieving a net injection of 2,000 billion yuan [3]. - The operations in June included injections of 10,000 billion yuan at the beginning of the month and 4,000 billion yuan in the middle of the month, while July saw a 14,000 billion yuan injection in mid-month [3]. Group 2: Future Expectations - In August, 9,000 billion yuan of reverse repurchase agreements are set to mature, which exceeds the current injection volume, indicating potential liquidity tightening [3]. - Analyst Wang Qing anticipates that the central bank will conduct another 6-month reverse repurchase operation within August, alongside the expected rollover of 3,000 billion yuan in Medium-term Lending Facility (MLF) [3]. - The expectation is that the central bank will continue to inject medium-term liquidity through MLF and reverse repurchase operations to maintain ample liquidity in the banking system during the peak of government bond issuance [3].