流动性投放适度加码 央行调控有“度”更有“备”

Core Viewpoint - The central bank is actively managing liquidity through various monetary policy tools, including reverse repos and medium-term lending facilities (MLF), to ensure ample liquidity in the banking system and support economic growth [1][2]. Group 1: Central Bank Operations - On September 16, the central bank conducted a reverse repo operation of 287 billion yuan, resulting in a net injection of 40 billion yuan after 247 billion yuan of 7-day reverse repos matured [1]. - In September, the central bank has already conducted two reverse repo operations, with a total of 6 billion yuan in 6-month reverse repos being rolled over, indicating a continuous increase in liquidity for the fourth consecutive month [1][2]. - The central bank's operations are influenced by tax periods, with a significant reverse repo of 6 billion yuan initiated on the first day of the tax period [2]. Group 2: Future Expectations - There is a possibility of further increases in liquidity measures, as 3 billion yuan in MLF is set to mature in September, and experts do not rule out the continuation of increased operations [2]. - The central bank is expected to utilize a combination of reverse repos and MLF to manage short- to medium-term liquidity effectively, while also considering long-term tools like reserve requirement ratio cuts and government bond transactions [2]. - The monetary policy report for Q2 2025 emphasizes the need to align liquidity levels with economic growth and inflation expectations, indicating a proactive approach to maintaining a conducive financial environment [2].