Group 1 - The People's Bank of China (PBOC) conducted a reverse repurchase operation of 454.5 billion yuan, marking a shift from net liquidity injection to neutral adjustment, indicating precise liquidity management by the central bank [2] - The net liquidity withdrawal of 375.5 billion yuan aligns with market expectations, as the market liquidity has naturally eased with the end of the month-end assessment factors [2] - The central bank is expected to continue using various tools such as reverse repos and Medium-term Lending Facility (MLF) to ensure reasonable liquidity in the banking system [2][3] Group 2 - The PBOC has established a multi-dimensional liquidity management system, relying on reserve requirement ratio cuts and government bond transactions for stable support, while using MLF and reverse repos for maintaining reasonable liquidity [2] - Market expectations suggest that the central bank may release long-term liquidity through reserve requirement ratio cuts if necessary, with predictions that the DR007 will remain around 1.5% [3] - PBOC Governor Pan Gongsheng emphasized the commitment to a prudent monetary policy, adjusting policy strength and rhythm flexibly according to changing circumstances to create a suitable monetary environment for economic recovery [3]

Core Viewpoint - The Federal Reserve, represented by Williams, emphasizes its role as a protector of price stability, highlighting the importance of a robust monetary policy that combines rules and discretion [1] Group 1 - The central bank has gained credibility in achieving its objectives, which is crucial for maintaining economic stability [1] - Anchored inflation expectations are identified as a cornerstone of the central bank's strategy [1]