央行本周逆回购净投放2800亿元 呵护月末流动性

Core Viewpoint - The People's Bank of China (PBOC) has significantly increased its reverse repurchase operations to maintain liquidity stability amid rising market demand for liquidity due to tax payment periods [1][2]. Group 1: Reverse Repo Operations - On February 21, the PBOC conducted a 100 billion yuan reverse repo operation, followed by 1,000 billion yuan on February 22, and 2,000 billion yuan on February 23, resulting in a net injection of 2,800 billion yuan for the week [1]. - The PBOC's actions are aimed at countering the impact of peak tax payment periods and ensuring smooth liquidity at the end of the month [1][2]. Group 2: Market Liquidity Indicators - The overnight Shanghai Interbank Offered Rate (Shibor) has remained above 2% since February 18, peaking at 2.195% on February 21, before slightly declining to 2.039% on February 22 and rising again to 2.043% on February 23 [1]. - The 7-day repo rate (DR007) was reported at 2.1154% and 2.1882% on February 21 and 22, respectively, indicating that it is above the 7-day reverse repo rate of 2.1% [2]. Group 3: Future Expectations - The PBOC's future reverse repo operations will depend on changes in liquidity supply and demand, particularly monitoring key market rates like DR007 [3]. - If there is sustained pressure on liquidity demand and a noticeable increase in DR007, the likelihood of further liquidity injections may increase, although the possibility of lowering reverse repo rates in the short term is low due to temporary factors [3].