一周流动性观察 | 适度宽松的货币政策重在落实落细，流动性大概率自发转松

Core Viewpoint - The People's Bank of China (PBOC) is maintaining a moderately loose monetary policy while managing liquidity and interest rates to support economic growth and stabilize prices [3][4]. Group 1: Monetary Policy Operations - On August 18, the PBOC conducted a 7-day reverse repurchase operation of 266.5 billion yuan at an interest rate of 1.40%, resulting in a net injection of 154.5 billion yuan after accounting for 112 billion yuan in reverse repos maturing [1]. - In the previous week (August 11-15), the PBOC had a net withdrawal of 414.9 billion yuan, but on August 15, it switched to a net injection of 116 billion yuan due to tax payments [1][2]. - The average funding rates remained low despite slight fluctuations, with R001 stabilizing around 1.35% and R007 gradually rising to 1.47% [1]. Group 2: Future Expectations - The upcoming week (August 18-22) will see a decrease in reverse repo maturities to 711.8 billion yuan, with government debt repayments also expected to decline [2]. - Analysts predict that after the tax period, liquidity may improve, leading to a potential return of overnight rates to around 5 basis points below the Open Market Operations (OMO) rate [2]. Group 3: Economic Context and Policy Signals - The PBOC's second-quarter monetary policy report emphasizes the need for a suitable financial environment and aims to align social financing and money supply growth with economic growth and price stability [3][4]. - The report reflects a cautious approach towards further easing, highlighting the importance of preventing fund idling while promoting effective use of funds [3][4]. - Structural support for sectors like technology innovation, consumption, small enterprises, and foreign trade is emphasized, indicating a focus on targeted monetary policy measures [4].