Core Viewpoint - The People's Bank of China has effectively managed short-term fluctuations in fiscal revenue, government bond issuance, and overall monetary market stability through various tools, maintaining ample liquidity in the banking system [1] Group 1: Liquidity Management Tools - Recent innovations in liquidity management tools include incorporating government bond trading into the monetary policy toolbox and creating two new monetary policy tools to support the capital market, which will enhance liquidity management effectiveness [1] - The liquidity management framework in China aligns with international standards, categorizing tools into four main levels: intraday liquidity support, daily liquidity supply, temporary liquidity supply, and structural liquidity supply [2] Group 2: Comparison with International Practices - China's liquidity tool system is comprehensive and corresponds with the four major categories used in international frameworks, such as automatic pledge financing for intraday support and reverse repos for daily liquidity supply [2] - The management logic of these tools is consistent with international practices, focusing on bank financial institutions as counterparties and using high liquidity, low-risk assets like government bonds for collateral [2]
业内专家:我国流动性工具体系已较为完整,基本覆盖国际通行范围
Sou Hu Cai Jing·2025-12-12 09:57