保持银行体系流动性充裕

Group 1 - The People's Bank of China (PBOC) announced a 500 billion yuan reverse repurchase operation to maintain ample liquidity in the banking system, with a term of 6 months (182 days) starting from August 15, 2025 [1] - On August 8, the PBOC conducted a 700 billion yuan reverse repurchase operation with a term of 3 months (91 days) [1] - The total liquidity injection through reverse repurchase operations in August is expected to be 300 billion yuan, as stated by the chief macro analyst at Dongfang Jincheng [1] Group 2 - Since August 5, the PBOC has been conducting net withdrawals in the open market, but the overall liquidity remained loose in the first half of the month [2] - The PBOC's choice to maintain a net injection through reverse repurchase operations signals a relatively loose monetary policy, which is beneficial for maintaining liquidity amid high government bond issuance [2] - This approach is expected to support the process of broad credit expansion and strengthen counter-cyclical adjustments [2]