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[“the central bank’s low-volume reverse repurchase operations have net capital withdrawals, which are in line with market expectations.” zhou maohua, a researcher at the macro market department of china everbright bank, said that this is mainly because market liquidity has loosened at the beginning of the month, and the central bank has flexibly adjusted the intensity of open market operations to recover excess liquidity and ensure that market interest rates fluctuate around the policy interest rate.]

just after the end of the month, the central bank conducted on-site operations in the open market.

on september 2, the central bank announced that in order to maintain a reasonable level of liquidity in the banking system, it conducted a 7-day reverse repurchase operation of 3.5 billion yuan at a fixed rate and quantity bidding method. the operating rate was 1.70%. on the same day, 471 billion yuan of reverse repurchases matured.

according to comprehensive market analysis, the inter-month loosening of funds continued, and the central bank adjusted the rhythm of open market operations in a timely manner to smooth short-term fluctuations in funds. it is expected that there will be basically no liquidity gap in september. in addition, in august, the central bank implemented the treasury bond trading operation that the market has long paid attention to, and the monetary policy liquidity management tools were further expanded. looking ahead, the central bank's purchase and sale of treasury bonds will become a way of liquidity injection. in periods of large liquidity gaps, liquidity can be adjusted by buying treasury bonds, and the possibility of net liquidity withdrawal in the future is not ruled out.

continuous net withdrawal from the open market

the central bank's open market has seen net withdrawals for two consecutive days and the scale has gradually increased, but this has not changed the loose monetary situation.

"the central bank's small-scale reverse repurchase operations have resulted in a net withdrawal of funds, which is in line with market expectations." zhou maohua, a researcher at the macro markets department of china everbright bank, told caixin that this was mainly because market liquidity had loosened at the beginning of the month, and the central bank flexibly adjusted the intensity of open market operations to recover excess liquidity and ensure that market interest rates fluctuated around the policy interest rate.