如何看待3M买断式回购等量续作后资金的边际收紧

Monetary Market Overview - The central bank's reverse repos have continued to net withdraw funds, with a scale increase, while the DR001 rate remains slightly above 1.3%[7] - A total of 1 trillion yuan in 3M reverse repos was conducted on Friday, fully offsetting maturing amounts, indicating a neutral stance from the central bank[7] - The average daily transaction volume of pledged repos rose by 0.24 trillion yuan to 7.31 trillion yuan for the week, although there was a slight decline after an initial surge[16] Liquidity and Institutional Behavior - The net outflow from large banks increased, while city commercial banks and joint-stock banks saw significant declines in net outflows on Friday, reflecting a tightening of funds influenced by the central bank's operations[27] - The rigid funding gap index fluctuated, dropping to -7402 on Thursday before recovering to -6213 on Friday, slightly above the adjusted -6302 from the previous week[16] Government Debt and Financing - The expected scale of government bond payments next week is 453 billion yuan, with net financing for September projected at approximately 1.23 trillion yuan[28] - The issuance of new general bonds reached 620.8 billion yuan, while new special bonds totaled 328.2 billion yuan, indicating a robust financing environment[28] Market Expectations - The central bank's operations this month have raised questions about its stance, as the scale of medium-term liquidity tools has significantly increased compared to previous years[21] - The anticipated government bond issuance for September has been adjusted to 1.5 trillion yuan, with net financing expected to be around 740 billion yuan[28]