政策工具箱丰富 央行“组合拳”呵护流动性

Group 1 - The core viewpoint of the articles emphasizes that China's banking system liquidity remains abundant, which is crucial for stabilizing the macroeconomic landscape and ensuring the healthy operation of financial markets [1] - The People's Bank of China (PBOC) has established a comprehensive set of liquidity management tools to effectively respond to short-term fluctuations caused by fiscal policies and government bond issuances, maintaining overall stability in the money market [1][2] - Recent innovations in liquidity management tools, such as including government bond trading in the monetary policy toolkit and creating two new monetary policy tools to support the capital market, are expected to enhance the effectiveness of liquidity management in China [1] Group 2 - Internationally, central banks utilize various tools for liquidity management, which can be categorized into four levels: intraday liquidity support, daily liquidity supply, temporary liquidity supply, and structural liquidity supply [2] - China's liquidity tool system aligns with the mainstream frameworks in Europe and the U.S., reflecting both international practices and domestic market realities [3] - The management logic of China's liquidity tools is consistent with international practices, focusing on banking institutions as counterparties and using high liquidity, low-risk assets like government bonds for collateral [3]