7000亿元！央行出手！

Core Viewpoint - The People's Bank of China (PBOC) is taking measures to maintain liquidity in the banking system by conducting a 700 billion yuan reverse repurchase operation with a three-month term on August 8, 2023 [1] Group 1: Reverse Repo Operations - The PBOC plans to conduct a reverse repurchase operation of 700 billion yuan with a three-month term, using a fixed quantity and multi-price bidding method [1] - Despite the upcoming reverse repo operation, the total amount maturing in August exceeds this operation, indicating a proactive approach to liquidity management [4] - Analysts expect an additional six-month reverse repo operation to be conducted within August, which would result in a total operation scale exceeding the maturing amounts for the month [5] Group 2: Market Expectations and Economic Context - The market anticipates that local government bonds will continue to be issued at an accelerated pace in August, which may disrupt liquidity in the banking system [4] - The PBOC has maintained a trend of increasing medium-term lending facility (MLF) operations since March, with expectations for further increases in August [5] - The central bank's recent meetings have emphasized the continuation of a moderately accommodative monetary policy, aiming to keep liquidity ample [5]