央行最新发布！5月开展7000亿元买断式逆回购，继续暂停国债买卖

Core Viewpoint - The People's Bank of China (PBOC) is maintaining a moderately loose monetary policy despite a net withdrawal of liquidity through reverse repos in May, indicating a stable approach to managing market liquidity [1][2]. Group 1: Reverse Repo Operations - In May, the PBOC conducted a total of 700 billion yuan in reverse repo operations, consisting of 400 billion yuan for 3-month and 300 billion yuan for 6-month terms, resulting in a net withdrawal of 200 billion yuan due to 900 billion yuan of 3-month reverse repos maturing [1]. - The reliance on Medium-term Lending Facility (MLF) has increased since the introduction of reverse repos, with MLF operations maintaining monthly net injections since March, while reverse repos have shown a net withdrawal trend [2]. Group 2: MLF and Liquidity Management - MLF is expected to become the primary channel for medium-term liquidity provision, helping to alleviate pressure on banks' net interest margins, as it offers stability and meets diverse funding needs of financial institutions [2]. - The PBOC's liquidity toolbox is now more robust and better structured, with a mix of long-term, medium-term, and short-term tools available for liquidity management [2]. Group 3: Government Bond Transactions - The PBOC has not conducted any government bond transactions since January, aiming to avoid impacting investor allocation needs amid a supply-demand imbalance in the bond market [3]. - There is an urgency to resume government bond transactions to enhance the central bank's holdings of government debt, which is crucial for achieving the goal of building a strong financial nation [3].