央行连续三个工作日开展千亿级逆回购操作

Group 1 - The central bank has increased open market operations to maintain liquidity stability at the end of the month, conducting a 150 billion yuan reverse repurchase operation with a bid rate of 2.10% on March 29, resulting in a net injection of 130 billion yuan for the day [1] - The central bank's actions aim to stabilize market interest rates around policy rates amid increased volatility due to overseas uncertainties and seasonal factors [1][3] - On March 29, short-term Shibor rates mostly declined, with the overnight rate down by 21.9 basis points to 1.727%, and the 7-day rate down by 4.3 basis points to 2.145% [1] Group 2 - Since mid-February, interbank certificate of deposit rates have been rising, but there are signs of stabilization due to increased pressure on banks' liabilities and negative impacts from fund and wealth management redemptions [2] - The overall yield curve for interbank certificates of deposit has steepened, indicating higher costs for banks' liabilities and a clearer demand for long-term funds, suggesting a potential for reserve requirement ratio (RRR) cuts by the central bank [2] - The central bank's recent loan market quoted rates (LPR) remain unchanged for two consecutive months, with the 1-year LPR at 3.7% and the 5-year LPR at 4.6% [2] Group 3 - Seasonal tightening of liquidity is observed due to macro-prudential assessment (MPA) evaluations, but overall liquidity remains relatively ample [3] - The central bank's release of liquidity across periods is seen as a normal operation to stabilize inter-period funding prices and market expectations [3] - The State Council has emphasized maintaining stable monetary policy to support the real economy while avoiding excessive liquidity injections [3]