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 ...

中信证券首席经济学家明明表示，从操作模式上看，以往买断式逆回购在每月最后一个交易日公布操作 数量，6月份操作在实际操作的前一天发布招标公告。从数量来看，本次公告3个月买断式逆回购操作1 万亿元，并未对6个月品种操作。5月份长端流动性投放中，MLF（中期借贷便利）净投放3750亿元， 买断式逆回购净回笼2000亿元，而降准0.5个百分点释放1万亿元长期资金。总体来看，5月份央行长端 流动性供给超1万亿元，以对冲政府债净缴款压力。预计6月份政府债发行压力或低于5月份，考虑到降 准等总量工具或暂歇增量，预计MLF可能延续净投放。此外，买断式逆回购并未限制一个月仅操作一 次，6月份剩余阶段或可观察后续6个月品种是否存在投放。 本报记者 韩 昱 中国人民银行（以下简称"央行"）6月5日发布消息称，为保持银行体系流动性充裕，2025年6月6日，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1万亿元买断式逆回购操作，期限为3个月 （91天）。 "央行打破月末公告当月买断式逆回购操作惯例，于月初公告大规模买断式逆回购操作，引发市场关 注。"东方金诚首席宏观分析师王青在接受《证券日报》记者采访时表示，在当前资金面及 ...

Core Viewpoint - The People's Bank of China (PBOC) is taking measures to ensure ample liquidity in the banking system by conducting a 400 billion yuan reverse repurchase operation on June 16, with a term of 6 months [1] Group 1: Reverse Repo Operations - On June 6, the PBOC conducted a 1 trillion yuan reverse repurchase operation with a term of 3 months [1] - A total of 1.2 trillion yuan in reverse repos will mature throughout June, leading to a net liquidity injection for the month after the two operations [1] - The reverse repo tool was introduced in October 2024 to enhance liquidity management and cross-period adjustment capabilities for terms under one year [1] Group 2: Market Conditions - June is a critical period for liquidity assessment due to the half-year end, coupled with a large number of interbank certificates maturing [1] - Financial institutions are expected to have a high demand for liquidity throughout June, prompting the PBOC to provide mid-term funding support in advance [1]

Core Viewpoint - The People's Bank of China (PBOC) has shifted from net withdrawal to net injection of liquidity in late July, increasing short-term liquidity support to stabilize market expectations and ensure overall stability in the financial system [1][2]. Group 1: Monetary Policy Actions - From July 21 to July 24, the PBOC conducted net withdrawals of funds totaling 555 billion, 1,277 billion, 3,696 billion, and 1,195 billion yuan respectively. On July 25, the PBOC executed a reverse repo of 7,893 billion yuan, resulting in a net injection of 6,018 billion yuan after offsetting 1,875 billion yuan due [1]. - On July 25, the PBOC also conducted a 4,000 billion yuan Medium-term Lending Facility (MLF) operation, leading to a net injection of 1,000 billion yuan for July, marking the fifth consecutive month of increased MLF operations [1][2]. Group 2: Economic Insights - According to Minsheng Bank's chief economist, the continuation of excess MLF operations is aimed at stabilizing market expectations and ensuring overall liquidity stability, especially with increasing month-end funding disturbances [1]. - Citic Securities' chief economist noted that despite July being a month with significant tax payments, the liquidity remained relatively loose at the beginning to mid-month, with stable funding rates and policy rate differentials [2]. Group 3: Future Outlook - The expectation for August and September indicates a peak in government bond supply, with average net financing potentially reaching 1.5 to 1.6 trillion yuan, increasing the demand for stable funding from banks [3]. - The PBOC is likely to continue using various liquidity management tools, including OMO, MLF, and reverse repos, to release stability signals, and there is a possibility of conducting treasury purchases and reserve requirement ratio cuts to inject liquidity [3].

Core Viewpoint - The People's Bank of China (PBOC) announced a 700 billion yuan three-month reverse repurchase operation to maintain liquidity in the banking system, indicating a proactive approach to manage liquidity amid fiscal tax peaks and potential quarter-end pressures [1][2][3]. Group 1: Reverse Repo Operations - The PBOC will conduct a 700 billion yuan reverse repurchase operation on August 8, with a three-month term, to ensure ample liquidity in the banking system [1]. - This operation is strategically timed to cover the fiscal tax peak in August and the quarter-end assessment period at the end of September, reflecting the central bank's liquidity management strategy [2][3]. - Analysts expect a second reverse repo operation in August, considering the upcoming maturity of 4 billion yuan in three-month and 5 billion yuan in six-month reverse repos, totaling 9 billion yuan [3][4]. Group 2: Liquidity Management - The central bank is likely to continue using various monetary policy tools, including MLF and reverse repos, to stabilize market expectations and promote credit expansion amid a slowing economic growth backdrop [5][6]. - There is a consensus among analysts that the PBOC may implement further reverse repo operations to address liquidity needs related to government bond issuances and to maintain a stable liquidity environment [4][5]. - The PBOC's approach is characterized by a focus on medium-term liquidity adjustments, with expectations of potential reserve requirement ratio (RRR) cuts to inject long-term liquidity into the market [6].

Group 1 - The People's Bank of China (PBOC) will conduct a 700 billion yuan reverse repurchase operation on August 8, 2025, to maintain liquidity in the banking system [1] - The operation will have a term of 3 months (91 days) and is part of a broader strategy to ensure sufficient liquidity amid high government bond issuance [2] - Analysts expect that the total operation amount for August will exceed the 900 billion yuan of maturing reverse repos, indicating potential further liquidity injections [1][2] Group 2 - In July 2025, the PBOC conducted 1.4 trillion yuan in reverse repos, resulting in a net liquidity injection of 200 billion yuan [3] - The cumulative issuance of reverse repos reached 11.3 trillion yuan by the end of July, with 4.8 trillion yuan remaining outstanding [3] - The introduction of the buyout reverse repo tool is seen as a significant enhancement to China's monetary policy toolkit, potentially reducing the reliance on Medium-term Lending Facility (MLF) for liquidity management [3]