Core Viewpoint - The People's Bank of China (PBOC) conducted a net injection of 801.8 billion yuan through reverse repos on the same day, with a total net injection of 129.5 billion yuan for the week [1] Group 1: Market Operations - On July 25, the PBOC carried out a 7-day reverse repo operation amounting to 789.3 billion yuan and will conduct a 4.0 billion yuan Medium-term Lending Facility (MLF) operation [1] - The total reverse repo operations for the week reached 1,656.3 billion yuan, with 2.0 billion yuan in MLF operations planned [1] - The total amount of reverse repos and MLF operations maturing this week is 1,726.8 billion yuan and 2.0 billion yuan respectively [1] Group 2: Financial Data - The net injection of 801.8 billion yuan on July 25 was due to the maturity of 1,875 billion yuan in reverse repos and 2,000 billion yuan in MLF [1] - The total net injection for the week was 129.5 billion yuan, reflecting the difference between the total operations and maturities [1]

Core Points - The People's Bank of China (PBOC) conducted a reverse repurchase operation of 525.9 billion yuan for a 7-day term, resulting in a net injection of 36.47 billion yuan for the day [1] - For the week, the PBOC executed a total of 2,027.5 billion yuan in reverse repurchase operations and 300 billion yuan in Medium-term Lending Facility (MLF) operations, leading to a full-scale net injection of 136.72 billion yuan [1] - The total reverse repurchase operations for the week amounted to 9,603 billion yuan maturing [1]

中国人民银行（下称"央行"）3月31日发布的两则公告显示，今年3月，央行开展了8000亿元公开市场买断 式逆回购操作，未开展公开市场国债买卖操作。 因3月有7000亿元买断式逆回购到期，当月央行开展买断式逆回购净投放1000亿元，继续释放中期流动性。 买断式逆回购操作、国债买卖操作以及中期借贷便利（MLF）操作是在央行每日根据一级交易商需求连续开 展7天期逆回购操作的基础上，额外投放的中长期资金。今年3月，央行买断式逆回购小幅净投放1000亿元， MLF净投放630亿元，保持中长期资金净投放，展现出央行适度宽松的货币政策取向。 今年以来，央行继续用好多种工具投放流动性，保持流动性充裕和货币市场利率平稳运行。综合买断式逆回购 操作与MLF操作看，央行在1—3月分别净投放中长期资金9050亿元、4000亿元和1630亿元，一季度合计净投 放超过1.4万亿元。 近段时间，银行体系资金面维持偏紧状态。3月以来，银行间7天质押回购加权平均利率（DR007）持续处于 1.7%上方，自3月27日持续高于2.0%，明显高于政策利率。市场机构普遍认为，年初以来资金面趋紧的背后是 央行出于稳汇率、防利率风险、防空转的考量。央行通 ...