Group 1 - The recent liquidity pressure in the market is attributed to tax payment periods, with DR001 rising above 1.50%, an increase of approximately 20 basis points over three trading days [1][2] - The People's Bank of China (PBOC) has conducted a significant reverse repurchase operation, injecting 580.3 billion yuan into the market, with a net injection of 465.7 billion yuan on the day [1][2] - Analysts expect that after the tax payment period ends, liquidity rates may return to the stable and loose levels seen in early August [2][5] Group 2 - The liquidity sentiment index from Minsheng Bank has risen, reaching 57.2, indicating a tightening market condition, while the CNEX market liquidity sentiment index has surpassed 60 [2][4] - The PBOC's continuous net injections signal a supportive monetary policy, especially given the limited tax payment scale in August [4][5] - If the PBOC maintains a net injection of 300-400 billion yuan post-tax period, bond market yields may stabilize or slightly decline [5]
资金面边际收敛，隔夜利率3天飙升约20BP至1.50%，央行今日净投放4657亿“解渴”
Xin Lang Cai Jing·2025-08-19 08:24