Group 1 - The People's Bank of China (PBOC) conducted a total net injection of 621.9 billion yuan through reverse repos and MLF operations on August 25, 2023, with a total of 28.84 billion yuan in 7-day reverse repos and 600 billion yuan in 1-year MLF [1] - The net injection in the open market for the week of August 18-22 reached 1.3652 trillion yuan, indicating a trend of increasing liquidity despite some tightening due to tax payments [1][2] - The average rate for DR001 in August remains lower than in June and July, suggesting a potential stabilization around 1.4% if the PBOC maintains its current stance [2][3] Group 2 - The PBOC's operations are aimed at maintaining market liquidity and stabilizing expectations, with a focus on the execution of monetary policy rather than immediate rate cuts [3] - The central bank is expected to continue increasing MLF operations, with a net injection of 300 billion yuan in August, marking the sixth consecutive month of increased liquidity support [2][3] - Analysts suggest that the market's attention will shift towards cross-month liquidity as significant reverse repos are set to mature, but substantial volatility is not anticipated [2][3]
一周流动性观察 | 月末迎2万亿元+大额逆回购到期 资金面大幅波动概率相对较低
Xin Hua Cai Jing·2025-08-25 07:10