流动性收紧背后，央行态度变了吗？

Monetary Market Overview - The central bank conducted a net liquidity withdrawal of 70.5 billion CNY through OMO this week, while on Friday, it injected 200 billion CNY via MLF[3] - The average daily transaction volume of pledged repos rose by 0.45 trillion CNY to 7.70 trillion CNY, although it fell below the previous week by Friday[3] - The funding gap index dropped to -5012 on Tuesday but rebounded to -764 on Thursday, before falling again to -918 on Friday, remaining above last week's -3145[3] Bond Market Insights - The actual net payment of government bonds this week was 271 billion CNY, with cumulative new general bonds issued in 2025 reaching 517.4 billion CNY and new special bonds at 2.5944 trillion CNY[4] - The bond market experienced increased volatility, with concerns about a potential shift in monetary policy due to the central bank's actions[21] - The issuance scale of government bonds in July was 2.44 trillion CNY, with a net financing scale of 1.25 trillion CNY, which is approximately 150 billion CNY lower than expected[4] Institutional Behavior - Large banks' net financing fell below 4 trillion CNY, while the overall rigid net financing from banks reached a new low since late May[3] - Non-bank rigid financing saw a decrease followed by an increase, remaining above last week, with money market funds and other products showing an upward trend[3] - The cross-month progress in the interbank market was 19.9%, slightly below the 20-24 year average by 0.3 percentage points, but higher than the same period in 2022 and 2023[19]