一周流动性观察 | 央行维稳流动性意图明显 春节前后资金面预计宽松无虞

Group 1 - The People's Bank of China (PBOC) conducted a 1.13 trillion yuan 7-day reverse repurchase operation at an interest rate of 1.40%, maintaining the previous rate, resulting in a net injection of 38 billion yuan after 750 billion yuan of reverse repos matured on the same day [1] - In the week from February 2 to 6, the central bank had a net withdrawal of 756 billion yuan from 7-day and 14-day reverse repos, but on February 3, it conducted an 800 billion yuan 3-month buyout reverse repo, exceeding the expected amount by 100 billion yuan [1] - The liquidity in the market is expected to remain loose before and after the Spring Festival, as indicated by the PBOC's actions to stabilize liquidity, despite the slow progress of institutions in the cross-month period [1] Group 2 - The funding environment remains loose due to fiscal spending and the PBOC's support, with the R001 rate declining from 1.43% at the beginning of the week to 1.36% by Friday, while the R007 rate stabilized around 1.55% and then fell to 1.53% [2] - As the Lunar New Year approaches, cash withdrawal demand may increase, but the PBOC is likely to continue its supportive measures, keeping funding pressure manageable [2] - The PBOC is expected to primarily use 14-day reverse repos to manage liquidity before the holiday, with an anticipated funding injection of around 3 to 3.5 trillion yuan to ensure a smooth transition across the holiday period [3]