● 本报记者 彭扬 数据显示，本周（8月25日至29日）公开市场将有20770亿元逆回购到期，同时将有3000亿元中期借贷便 利（MLF）以及9000亿元买断式逆回购到期。 专家表示，8月以来，央行两次开展买断式逆回购操作，连续多次开展逆回购操作实现净投放，并开展 MLF操作，以保持银行体系流动性充裕，后续央行将继续通过多种货币政策工具，加强对市场流动性 的调节。 加量续做MLF Wind数据显示，8月25日至29日分别有2665亿元、5803亿元、6160亿元、2530亿元、3612亿元逆回购到 期。此外，本周还将有3000亿元MLF、5000亿元6个月期买断式逆回购、4000亿元3个月期买断式逆回 购到期。 为保持流动性充裕，根据央行8月22日公告，8月25日开展6000亿元MLF操作。此次操作将净投放3000 亿元，这是央行连续第六个月加量续做MLF。 8月以来，央行多次投放中长期流动性，呵护流动性意图明显。"尽管8月并非传统缴税大月，但逆回购 投放规模基本与7月税期持平。（下转A02版） （上接A01版）中长期流动性方面，8月买断式逆回购、MLF净投放均为3000亿元，超7月规模。此外， 不同于7月买 ...

Group 1 - The People's Bank of China (PBOC) conducted a 400 billion yuan Medium-term Lending Facility (MLF) operation to maintain ample liquidity in the banking system, marking the fifth consecutive month of increased net MLF issuance [1] - In July, the PBOC's net MLF injection amounted to 1 trillion yuan, offsetting 300 billion yuan of MLF maturing, while the total net liquidity injection for the month was 300 billion yuan, consistent with June's scale [1] - Analysts suggest that the ongoing net liquidity injection is primarily due to the peak issuance of government bonds and the regulatory push for financial institutions to increase credit supply, indicating a coordinated monetary and fiscal policy approach [1] Group 2 - Looking ahead, experts anticipate that while the probability of interest rate cuts is low in the short term, monetary policy is expected to further support domestic demand and stabilize growth, with MLF likely to continue its upward trend in the second half of the year [2] - A total of 25 trillion yuan in MLF is set to mature in the remainder of the year, with specific maturities of 300 billion yuan in August, 300 billion yuan in September, 700 billion yuan in October, 900 billion yuan in November, and 300 billion yuan in December [2] - On the same day, the PBOC conducted a 7-day reverse repo operation of 789.3 billion yuan at a fixed rate of 1.40%, resulting in a net injection of 601.8 billion yuan after accounting for maturing reverse repos [2]

Core Viewpoint - The People's Bank of China (PBOC) is proactively managing liquidity in the banking system by conducting significant reverse repo operations to address liquidity gaps and support credit stability [1][3][5]. Group 1: Liquidity Management - On July 15, the PBOC announced a 1.4 trillion yuan reverse repo operation, including 800 billion yuan for 3-month and 600 billion yuan for 6-month terms, indicating a continued effort to maintain ample liquidity in the banking system [1][3]. - The central bank's actions are a response to increasing liquidity disturbances in July, with a net injection of 200 billion yuan achieved through these operations [3][5]. - The PBOC's strategy includes a shift from end-of-month to mid-month announcements for reverse repo operations, enhancing market communication and expectations [7]. Group 2: Market Conditions and Expectations - The market is facing a notable liquidity gap, exacerbated by tax payment periods and increased local government bond issuances, which are expected to exceed 1 trillion yuan in net financing [4][5]. - Analysts suggest that the PBOC's recent actions signal a commitment to a reasonably accommodative monetary policy, aiming to support credit growth and alleviate pressure on bank liabilities [5][8]. - The PBOC is expected to continue utilizing various monetary policy tools, including reverse repos and medium-term lending facilities (MLF), to ensure liquidity remains sufficient [8].

Core Viewpoint - The People's Bank of China (PBOC) maintains a supportive monetary policy stance, implementing various measures to bolster economic recovery and stabilize financial markets, with expectations for further easing in the second half of the year [1][2][3]. Group 1: Quantity Tools - In May, the PBOC lowered the reserve requirement ratio by 0.5 percentage points, providing approximately 1 trillion yuan in long-term liquidity [1]. - From March to June, the PBOC conducted four consecutive months of excess renewals of the Medium-term Lending Facility (MLF) and utilized reverse repos to manage liquidity [1]. - The PBOC's flexible use of quantity-based monetary policy tools has maintained ample liquidity, supporting the ongoing economic recovery [1]. Group 2: Price Tools - In May, the PBOC reduced the policy interest rate by 0.1 percentage points, leading to a corresponding decrease in the Loan Prime Rate (LPR) [2]. - The average interest rate for newly issued corporate loans was approximately 3.2% in May, down about 50 basis points year-on-year, while the average for personal housing loans was around 3.1%, down about 55 basis points [2]. - The continuous deepening of interest rate marketization reforms has created a favorable environment for price-based monetary policy tools [2]. Group 3: Structural Tools - The PBOC increased the quotas for re-lending to support agriculture and small enterprises by 300 billion yuan each, and established a 500 billion yuan re-lending facility for consumer services and elderly care [3][4]. - The central bank is expected to continue enhancing structural monetary policy tools to support key sectors such as technology innovation and consumption [3][4]. - New policy tools are anticipated to be introduced, focusing on technology, consumption, foreign trade, and real estate [4][5].

Group 1 - The People's Bank of China (PBOC) announced a 400 billion yuan reverse repurchase operation to maintain liquidity in the banking system, marking the first time the tool has been used twice in a month [1] - The reverse repurchase operation is aimed at enhancing liquidity management and cross-period adjustment capabilities within one year [1] - A total of 20 billion yuan in net reverse repurchase operations is expected to be implemented by June 16, following the maturity of 5 billion yuan in three-month and 7 billion yuan in six-month reverse repos [1] Group 2 - The increase in reverse repurchase operations in June follows a 1 trillion yuan reduction in reserve requirements in May, aimed at maintaining ample liquidity amid high government bond issuance and peak periods for bank interbank certificates of deposit [2] - The long-term liquidity supply exceeding 1 trillion yuan in May effectively countered the pressure from government bond net payments, which reached a record high of 910.2 billion yuan [2] - The policy signals a continued emphasis on quantity-based monetary policy tools to support credit expansion and enhance counter-cyclical adjustments [2]