Core Viewpoint - The People's Bank of China (PBOC) is actively managing liquidity through various monetary policy tools to ensure a stable financial environment, especially ahead of the National Day holiday and the end of the quarter [1][2][3] Group 1: Liquidity Operations - On September 29, the PBOC conducted a 7-day reverse repurchase operation amounting to 288.6 billion yuan, resulting in a net injection of 48.1 billion yuan after 240.5 billion yuan matured on the same day [1] - The PBOC has increased liquidity injections, with significant operations including 30 billion yuan and 60 billion yuan in 14-day reverse repos on September 22 and September 26, respectively, and a 60 billion yuan medium-term lending facility operation on September 25, netting 30 billion yuan [2] - The early implementation of liquidity measures is aimed at ensuring a smooth transition of liquidity before and after the holiday, preventing unexpected fluctuations in the market [2] Group 2: Future Expectations - Experts anticipate that the liquidity gap in October will be similar to that of September, but with a potential decrease in the central rate of funding due to expected resumption of government bond trading and lower rates compared to the third quarter [3] - The PBOC's governor emphasized the importance of using various monetary policy tools to maintain ample liquidity, support consumption, and enhance effective investment, thereby stabilizing the financial market and the RMB exchange rate [3] - The PBOC's monetary policy committee has indicated a focus on ensuring liquidity remains abundant and aligning the growth of social financing and money supply with economic growth and price level expectations [3]

Group 1 - The People's Bank of China (PBOC) conducted a 7-day reverse repo operation of 288.6 billion yuan, resulting in a net injection of 48.1 billion yuan after 240.5 billion yuan matured on the same day [1] - The PBOC is expected to continue using various monetary policy tools to maintain ample liquidity, especially considering the upcoming National Day holiday and quarter-end factors [1][2] - Recent actions by the PBOC, including significant mid-term liquidity injections, aim to enhance the precision and effectiveness of liquidity management [1] Group 2 - The PBOC's two 14-day reverse repo operations within a week indicate its intention to ensure stable liquidity across the quarter [2] - Experts predict that the central bank may flexibly use multiple monetary policy tools to keep liquidity abundant, with expectations for a decrease in the central rate of funding in October compared to September [2] - The PBOC aims to support consumption and effective investment while maintaining financial market stability and ensuring the RMB exchange rate remains stable [2]