Core Viewpoint - The People's Bank of China (PBOC) is conducting a 500 billion yuan reverse repurchase operation to maintain liquidity in the banking system, signaling a commitment to ensure reasonable liquidity levels in the market [1]. Group 1: Reverse Repo Operations - On August 15, the PBOC will conduct a 500 billion yuan reverse repo operation with a 6-month term, following the maturity of 900 billion yuan in reverse repos in August [1]. - This operation will result in a net injection of 300 billion yuan into the market, as the PBOC had previously conducted a 700 billion yuan operation on August 8 [1]. - The PBOC has been proactive in announcing reverse repo operations in advance, which helps stabilize market expectations and indicates a strong commitment to maintaining liquidity [1]. Group 2: Government Bonds and Monetary Policy - The central government's bond issuance is at a peak, and the PBOC's reverse repo operations are aimed at ensuring ample liquidity to support this [1]. - Following a recent meeting, the government emphasized accelerating the issuance and use of government bonds, which aligns with the PBOC's strategy to create a conducive monetary environment [1]. - Analysts expect that the PBOC will continue to maintain a relatively loose monetary policy, with liquidity remaining stable in August due to upcoming MLF (Medium-term Lending Facility) maturities [2]. Group 3: Future Expectations - The PBOC's recent meetings have indicated a commitment to using various monetary policy tools to keep liquidity abundant in the second half of 2025 [2]. - The overall stance of the PBOC is to ensure that the banking system remains in a state of reasonable liquidity, continuing the trend of "moderate easing" [2].

Group 1 - The People's Bank of China (PBOC) conducted a 500 billion yuan reverse repurchase operation to maintain liquidity in the banking system, following a previous 700 billion yuan operation, resulting in a total of 300 billion yuan of excess liquidity injection in August [1] - The operations are aimed at countering the maturity of 4 trillion yuan in 3-month and 5 trillion yuan in 6-month reverse repos due in August, indicating a proactive approach to liquidity management [1] - Analysts suggest that the PBOC's actions signal a commitment to maintaining ample liquidity, particularly in light of government bond issuance and the pressure from maturing deposits [1][2] Group 2 - Citic Securities' chief economist noted that the increased reverse repo operations in August, despite ongoing net withdrawals through open market operations, indicate a relatively loose monetary policy signal [2] - The timing of these operations aligns with a peak period for government bond issuance and significant maturing deposits, with expectations for a recovery in credit growth in August [2] - Analysts predict that the PBOC will likely rely on MLF and reverse repos to sustain liquidity, with no immediate expectations for a reserve requirement ratio cut or resumption of government bond trading [2]

Group 1 - The People's Bank of China announced a fixed quantity, interest rate bidding, and multiple price level bidding method for a reverse repurchase operation of 500 billion yuan, scheduled for August 15, 2025 [1] - The operation aims to maintain ample liquidity in the banking system [1] - The term of the reverse repurchase operation will be 6 months (182 days) [1]

Core Viewpoint - The recent dynamics in the interbank market reflect a complex interplay of liquidity management and market stability, with the central bank actively engaging in reverse repurchase operations to manage funds effectively [1][2][3] Group 1: Liquidity Management - The central bank has demonstrated enhanced precision in liquidity management, achieving a net injection of 236.5 billion yuan in July, a decrease of 41.95 billion yuan from the previous month [2] - Short-term reverse repos saw a net injection of 188 billion yuan, indicating a reduction in the intensity of liquidity provision [2] - The use of various policy tools, including medium-term lending facilities and buyout reverse repos, reflects the flexibility in the central bank's approach to meet diverse market funding needs [2] Group 2: Market Price Stability - Interbank market interest rates are characterized by a "low and stable" trend, with the weighted average rate of DR007 dropping to 1.4251%, remaining above the policy rate [3] - The overnight Shanghai Interbank Offered Rate (SHIBOR) is reported at 1.3144%, while the 7-day rate stands at 1.4356%, indicating stable pricing in the market [3] - Despite a supportive funding environment, there are indications of potential volatility, with seasonal trends favoring a loosening of liquidity, although the overall easing stance remains unchanged [3]

Group 1 - The core viewpoint of the articles indicates that since August, the open market operations have consistently pointed towards a net withdrawal of liquidity, with a total net withdrawal exceeding 26,265 billion yuan by August 12 [1][2][3] - Despite the net withdrawal, the funding prices in the interbank market have remained low and are on a downward trend, with the average DR007 rate at 1.4660% and DR001 at 1.2880% as of August 12 [1][2] - Analysts suggest that the prolonged decline in funding rates reflects the expectations of primary dealers regarding future funding rates and indicates the monetary authority's stance on liquidity management [1][3] Group 2 - The analysis highlights that the liquidity in the banking system has been relatively abundant since early August, with the average DR007 rate decreasing by 11.9 basis points compared to the previous months [2][3] - The People's Bank of China has been actively managing liquidity, as evidenced by the announcement of a 7,000 billion yuan reverse repurchase operation on August 7, despite already ample liquidity conditions [4][6] - Large banks have significantly increased their net lending, contributing to the overall liquidity in the market, with net lending levels returning to 50,000 billion yuan [7]

目前，央行流动性工具箱丰富，期限分布更趋合理，长期有降准、国债买卖，中期有MLF、买断 式逆回购操作以及各类结构性工具，短期有公开市场7天期逆回购、临时隔夜正、逆回购。未来，央行 流动性管理将更加高效精准，调控力度和节奏将更加科学灵活，能更好地兼顾多重目标。 中信证券首席经济学家明明表示，MLF回归常规流动性工具地位，未来买断式逆回购或仍是中长 期流动性的主要供给渠道。从价格上看，MLF采取多重价位中标后彻底解除政策利率属性，未来7天逆 回购利率或维持主要政策利率地位；从量上看，虽然本月MLF实现净投放，但未来央行或继续逐步回 笼MLF，买断式逆回购工具或承担中长期流动性的供给地位。 【纠错】 【责任编辑:柴峥】 今年以来，央行继续用好多种工具投放流动性，今年1至2月买断式逆回购、MLF合计净投放超过 1.3万亿元，保持了流动性充裕和货币市场利率平稳运行。市场专家普遍认为，接下来，央行将继续通 过开展买断式逆回购等多种工具投放流动性，保持流动性合理充裕。 值得注意的是，随着本月MLF改为多重价位中标，不再有统一的中标利率，MLF利率的政策属性 完全退出。权威专家指出，采用多重价位中标后，MLF资金成本将总体下 ...

Core Viewpoint - The People's Bank of China (PBOC) has conducted a total of 1.2 trillion yuan (approximately 120 billion) in reverse repos in April to maintain ample liquidity in the banking system [1] Group 1: Reverse Repo Operations - In April, the PBOC executed a buyback reverse repo operation amounting to 1.2 trillion yuan, with 700 billion yuan allocated for a 3-month term and 500 billion yuan for a 6-month term [1] - The reverse repo operations were conducted using a fixed quantity, interest rate bidding, and multiple price-level bidding methods [1] - This tool, introduced in October 2024, enhances the liquidity management capabilities for periods within one year, contributing to more refined liquidity management [1] Group 2: Market Operations - On the same day, the PBOC announced that there were no public market operations for government bonds in April [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the inter - bank liquidity presented a pattern of "stable and loose, low - level and low - volatility, and policy support". Seasonal loosening was dominant, and large - scale open - market maturities were the main disturbance, but the loose pattern remained. The central bank actively provided support, and the synergy between fiscal and monetary policies was enhanced. The net lending scale of large - scale banks recovered rapidly, and the supply of liquidity was relatively abundant. The money market rates showed low - level and low - volatility characteristics, approaching a stage low [1]. - The seemingly "unexpected" launch of the repurchase with bond ownership transfer was actually in line with the requirements of "maintaining abundant liquidity in monetary policy" and "synergistic efforts of fiscal and monetary policies". Whether the treasury bond trading operation will be restarted this month is also worth looking forward to. Next week, although there will be more disturbances, the overall money market still has support, but the volatility may increase, and the upward pressure on money market rates is controllable, while the downward space awaits the injection of incremental liquidity [2]. 3. Summary According to the Directory 3.1. Funds Rate Reaches a Stage Low - At the beginning of the month, funds seasonally loosened. Although there were large - scale open - market maturities, the loose pattern of the money market remained. The launch of the 700 - billion - yuan 3 - month repurchase with bond ownership transfer on August 8 showed the central bank's intention to support and the synergy between fiscal and monetary policies. The net lending scale of large - scale banks quickly recovered to over 4 trillion yuan. The primary - market prices of certificates of deposit (CDs) remained stable, and the secondary - market prices declined [11]. - The money market rates fluctuated at a low level throughout the week, possibly reaching a stage low. DR001 approached 1.3%. After the launch of the repurchase with bond ownership transfer on August 8, the money market rates declined further, and the fluctuation range narrowed significantly compared with the previous week [12]. - The seemingly "unexpected" launch of the repurchase with bond ownership transfer was in line with policy requirements. It is a quantity - based monetary policy tool, and its signal significance lies more in the operation scale than in the operation price. Whether the treasury bond trading operation will be restarted this month is worth anticipating [21][23]. - Although there may be resonance of disturbances in the money market in mid - August, with the central bank's pre - emptive support and the possible marginal mitigation of tax payment pressure, the fluctuations will be more controllable. The money market rates may have reached a stage low, and further downward movement depends on the injection of incremental liquidity. How the central bank operates and whether the net lending scale of large - scale banks can be maintained are important observation factors [24]. 3.2. Open Market: Next Week's Maturity Scale Drops Slightly but Still Exceeds One Trillion Yuan - From August 4 to August 8, the open - market net injection was 163.5 billion yuan, an increase compared with the previous week. Among them, 7 - day reverse repurchase injections totaled 1.1267 trillion yuan, with maturities of 1.6632 trillion yuan, and 3 - month repurchase with bond ownership transfer injections totaled 700 billion yuan. From August 11 to August 15, the open - market maturities will be 1.1267 trillion yuan [3][31]. - The central bank withdrew the cross - month liquidity, but the stable trend of funds remained. The balance of reverse repurchases continued to decline but was still above the seasonal level. As of August 8, the balance of reverse repurchases was 1.1267 trillion yuan, a decrease of 536.5 billion yuan compared with August 1 [33]. 3.3. Government Bonds: Next Week's Issuance Scale Increases - This week, the net payment of government bonds was 370.6 billion yuan. Next week, the planned issuance of government bonds is 351.4 billion yuan, including 260 billion yuan of treasury bonds and 91.4 billion yuan of local government bonds. The net payment of treasury bonds will be 372.4 billion yuan, and that of local government bonds will be 37.7 billion yuan [42]. 3.4. Excess Reserve Tracking and Forecast - It is predicted that the excess reserve ratio in August 2025 will be about 0.90%, a month - on - month decrease of about 0.07 percentage points and a year - on - year decrease of 0.52 percentage points. It is predicted that the excess reserves at the end of July will be about 3.0668 trillion yuan. From August 4 to August 8, the open - market net injection was 163.5 billion yuan, the net payment of government bonds was 370.6 billion yuan, the predicted fiscal revenue - expenditure gap was - 120 billion yuan, and the reserve requirement was 26.2 billion yuan [50][51]. 3.5. Money Market: DR001 Approaches 1.3% - As of August 8, compared with August 1, DR001 decreased by 0.23 basis points to 1.31%, DR007 increased by 0.09 basis points to 1.43%, R001 decreased by 1.32 basis points to 1.34%, and R007 decreased by 3.26 basis points to 1.45% [53]. - The overnight and 7 - day SHIBOR rates decreased by 5.65 and 8.11 basis points respectively compared with the previous week to 1.31% and 1.44%. The overnight and 7 - day CNH HIBOR rates increased by 8.29 and 5.23 basis points respectively compared with the previous week to 1.22% and 1.45% [58]. - The weekly average rates of FR007S1Y and FR007S5Y decreased by 0.98 and 2.23 basis points respectively compared with the previous week to 1.52% and 1.57%. The weekly average rates of six - month national - share transfer discount and six - month city - commercial transfer discount increased by 0.1 percentage points respectively compared with the previous week to 0.68% and 0.79% [61]. - The average daily trading volume of inter - bank pledged repurchase was 8.1091 trillion yuan, an increase of 1.3925 trillion yuan compared with the period from July 28 to August 1. The average daily trading volume of the Shanghai Stock Exchange's new pledged national debt repurchase was 2.186 trillion yuan, an increase of 2.97 billion yuan compared with the period from July 28 to August 1 [63]. 3.6. Certificates of Deposit 3.6.1. Primary Market: Next Week's Maturity Scale Approaches One Trillion Yuan - From August 4 to August 8, the total issuance of CDs was 774.7 billion yuan, and the net financing was 190.9 billion yuan, an increase in both issuance scale and net financing compared with the previous week. By issuer, city - commercial banks had the highest issuance scale and net financing. By maturity, 6 - month CDs had the highest issuance scale, and 1 - month CDs had the highest net financing [73]. - The weighted average issuance term of CDs this week was 6.4 months, longer than the previous week's 5.86 months. Among them, the weighted average issuance terms of state - owned banks, joint - stock banks, city - commercial banks, and rural commercial banks were 6.5, 7.4, 6.2, and 6.5 months respectively, with changes of 1.07, 0.69, 0.59, and - 0.08 months compared with the previous week [77]. - In terms of issuance success rate, joint - stock banks had the highest rate. By maturity, 1 - month CDs had the highest issuance success rate. By credit rating, AA - rated CDs had the highest issuance success rate [79]. - Next week, the maturity scale of CDs will be 905 billion yuan, an increase compared with this week. The maturities are mainly concentrated in national - share banks and city - commercial banks, and the terms are mainly concentrated in 3 - month, 6 - month, and 1 - year [83][84]. 3.6.2. Secondary Market: Yields Decline - After the month - end, the seasonal loosening of funds and the large - scale launch of repurchase with bond ownership transfer led to a continuous decline in the secondary - market yields of CDs. The yields of CDs of all maturities and ratings decreased [95][96].

Group 1 - The People's Bank of China announced a 122 billion yuan reverse repurchase operation with a fixed rate and quantity tender, maintaining a bid and winning amount of 122 billion yuan at an interest rate of 1.40% [1] - A total of 126 billion yuan in 7-day reverse repos matured today, resulting in a net withdrawal of 4 billion yuan [1] - The overnight Shanghai Interbank Offered Rate (Shibor) decreased by 0.1 basis points to 1.315%, while the 7-day Shibor fell by 0.8 basis points to 1.434% [1] Group 2 - The weighted average rate of DR007 dropped to 1.4515%, which is above the policy interest rate level [1] - The 1-day government bond reverse repo rate on the Shanghai Stock Exchange (GC001) decreased to 1.191% [1] - According to the chief economist of CITIC Securities, the central bank may continue its net injection operations through reverse repos, potentially including 6-month term reverse repos in the future [1] Group 3 - The MLF (Medium-term Lending Facility) maturity scale for the month is 300 billion yuan, and it is expected that MLF operations will continue with slight net injections [1]

"在5月降准释放长期流动性1万亿元的同时，近月中期流动性持续处于净投放状态，主要有两方面 原因。"王青分析认为，一是在政府债券持续大规模发行、近月银行同业存单到期规模处于高峰期阶 段，保持银行体系流动性持续处于充裕状态，稳定市场预期。二是释放数量型货币政策工具持续加力的 政策信号，推动存量社融和M2增速稳中有升，更好满足企业和居民的融资需求。 6月资金面扰动因素较多，MLF延续超额续作释放出维稳信号。中国民生银行首席经济学家温彬分 析称，年中时点，流动性供求矛盾往往较为突出，市场对流动性的关注度比较高，叠加今年扰动因素增 多，央行通过多种手段呵护流动性的意愿较强。 6月24日，央行官网发布公告称，为保持银行体系流动性充裕，2025年6月25日（周三），中国人民 银行将以固定数量、利率招标、多重价位中标方式开展3000亿元中期借贷便利（MLF）操作，期限为1 年。 "本月有1820亿元MLF到期，这意味着6月央行MLF净投放达到1180亿元，为连续第4个月加量续 作。"东方金诚首席宏观分析师王青表示。 此前，央行在6月进行了两次买断式逆回购操作，着力稳定市场预期。其中，6月6日，央行开展1万 亿元买断式逆回购操 ...