王青：央行打破惯例公告大规模逆回购操作或与近月银行同业存单到期规模持续处于高峰期有关 金十数据6月5日讯，东方金诚首席宏观分析师王青认为，在当前资金面及债市都处在平稳运行状态的背 景下，央行月初打破惯例，公告大规模逆回购操作，或与近月银行同业存单到期规模持续处于高峰期有 关。这有助于保持银行体系流动性持续处于充裕状态，控制资金面波动，稳定市场预期。另外，5月7日 央行等部门推出一揽子金融政策措施后，当前的一个重点是激励银行加大对实体经济信贷投放力度，支 持政府债券发行。现阶段加大中期流动性投放，释放了数量型政策工具持续加力的政策信号，有助于推 动宽信用进程，强化逆周期调节。预计后续央行还会综合运用抵押式逆回购、MLF、买断式逆回购等 中短期流动性管理工具，推动银行体系流动性持续处于充裕状态。这也是当前增加企业和居民信贷可获 得性、降低实体经济融资成本的重要一环。 （新华财经） ...

Group 1 - The People's Bank of China (PBOC) announced a large-scale reverse repurchase operation of 1 trillion yuan on June 6, breaking the convention of announcing such operations at the end of the month [1] - The operation will include 500 billion yuan of 3-month reverse repos, with a total of 5 trillion yuan of 3-month and 7 trillion yuan of 6-month reverse repos maturing in June [1] - This move aims to maintain ample liquidity in the banking system and stabilize market expectations amid a peak period for bank interbank certificates of deposit [2] Group 2 - The PBOC's early announcement of the reverse repo operation is intended to encourage banks to increase credit to the real economy and support government bond issuance [2] - The central bank is expected to continue using various liquidity management tools, including reverse repos and medium-term lending facilities (MLF), to ensure sustained liquidity in the banking system [2] - June is typically a month of high credit demand, and the early operation allows financial institutions to better manage their liquidity needs [2]

Group 1 - In April, new RMB loans increased by 280 billion, a year-on-year decrease of 450 billion, with a credit growth rate of 7.2%, down 0.2 percentage points month-on-month [2][4] - The credit structure is undergoing long-term changes, with corporate loans remaining a stabilizing factor for credit expansion, while retail lending shows seasonal declines [5][10] - The government bond issuance and fiscal policies are providing strong support for social financing, with April's social financing growth rate at 8.7%, up 0.3 percentage points month-on-month [15][16] Group 2 - The total social financing in April was 1.16 trillion, a significant year-on-year increase of 1.22 trillion, driven by government bond issuance and other financing methods [15][20] - The issuance of government bonds in April reached a net financing of 976.2 billion, a year-on-year increase of 1.07 trillion, supporting social financing growth [16][20] - The corporate bond financing in April added 234 billion, a year-on-year increase of 633 billion, indicating a robust demand for credit [17][20] Group 3 - The M2 money supply grew by 8% year-on-year in April, a significant increase of 1 percentage point from the previous month, while M1 growth remained stable at 1.5% [21][22] - The low base effect from the previous year contributed to the significant increase in M2, as financial data showed a shift in deposits towards non-bank systems [22][24] - The overall financial support for the real economy remains strong, with expectations for reasonable growth in financial totals due to supportive policies and improved market confidence [24]