2024年6月18日，中国人民银行在公开市场操作中开展7天期逆回购操作3500亿元，中标利率为1.80%。鉴于当日有76亿元逆回购到期，央行实现净投放资金3424亿元。这是近期单日最大规模的净投放，释放出明确的流动性支持信号。此次大额净投放主要旨在应对季末资金面趋紧、银行体系流动性需求上升以及市场利率波动加大的压力。6月下旬临近半年度考核时点，金融机构对短期流动性的需求通常显著增加。央行通过加大逆回购操作力度，有助于平抑市场利率、稳定预期，并保障金融体系平稳运行。此外，此举也体现了货币政策“灵活适度、精准有效”的取向。在当前经济复苏基础尚不牢固的背景下，央行通过适时注入流动性，既避免了过度宽松可能引发的风险，又为实体经济提供了必要的支持。市场普遍认为，未来一段时间内，央行将继续根据市场流动性状况和宏观经济形势，灵活调整公开市场操作节奏与规模，以维护流动性合理充裕。
On June 18, 2024, the People’s Bank of China (PBOC) conducted 350 billion yuan in 7-day reverse repurchase agreements (reverse repos) at an interest rate of 1.80%. With 7.6 billion yuan of reverse repos maturing on the same day, the central bank achieved a net liquidity injection of 342.4 billion yuan—the largest single-day net injection in recent times—sending a clear signal of support for market liquidity.This substantial net injection primarily aims to address tightening liquidity conditions ahead of the quarter-end, rising funding demands from the banking system, and heightened volatility in short-term interest rates. As the end of June approaches—a key semi-annual regulatory assessment period—financial institutions typically experience a surge in demand for short-term funding. By ramping up reverse repo operations, the PBOC helps stabilize market rates, manage expectations, and ensure smooth financial market functioning.Moreover, this move reflects the central bank’s commitment to a “flexible, moderate, targeted, and effective” monetary policy stance. Given the still-fragile economic recovery, timely liquidity injections strike a balance between avoiding excessive easing and providing necessary support to the real economy. Market participants widely expect the PBOC to continue adjusting the scale and pace of its open market operations based on evolving liquidity conditions and macroeconomic developments to maintain reasonably ample liquidity.
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