三级aa视频在线观看-三级国产-三级国产精品一区二区-三级国产三级在线-三级国产在线

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Policies

PBOC injects more liquidity to spur growth

Reverse repo operation helps strengthen efforts to stabilize market expectations

By ZHOU LANXU | CHINA DAILY | Updated: 2025-06-07 07:24
Share
Share - WeChat
Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing, China. [Photo/Xinhua]

China's central bank injected 1 trillion yuan ($139 billion) into the market on Friday via an outright reverse repo operation, which not only reinforces its commitment to economic growth but also signals efforts to improve the transparency of monetary policy adjustments, market experts said.

To maintain ample liquidity in the banking system, the People's Bank of China, the country's central bank, said on Thursday that it would conduct a 1 trillion yuan outright reverse repo operation on Friday.

An outright reverse repo operation is a tool that the central bank introduced in October to better manage liquidity conditions.

Previously, the PBOC typically used pledged reverse repos — whereby the bonds used as collateral are frozen in the accounts of commercial banks — to manage market liquidity.

By contrast, in outright reverse repo operations, the bonds used as collateral are transferred to the account of the central bank, giving it more policy flexibility by way of sale of those bonds.

Friday's operation, with a three-month tenor, has attracted investor attention, not only because of its large amount of liquidity injection — a 0.5 percentage point cut in the reserve requirement ratio releases long-term liquidity of about 1 trillion yuan — but also due to its timing.

Ever since the tool was introduced, the PBOC has published a summarized data of its outright reverse repo operations at the end of each month. Thursday's announcement, however, came just one day prior to the actual operation.

This rare move signals that the PBOC is strengthening efforts to stabilize market expectations and enhance the transparency of monetary policy, said Sun Binbin, chief economist at Caitong Securities.

"Against a backdrop of uncertainties surrounding Sino-US (economic) relations and domestic fundamentals, the central bank has adopted a more proactive and supportive stance," Sun said in a research report.

The operation catered to the need for commercial banks to ease their funding costs, said Sun, who also pointed to the possibility of further outright reverse repo operations this month, if needed.

The onshore bond market reacted positively to the move, with the most actively traded contract of 30-year treasury bond futures closing up 0.35 percent on Friday, said market tracker Wind Info.

According to the PBOC, Friday's operation was conducted using a fixed-quantity, interest-rate-bidding and multiple-price-bidding method. In May, the PBOC injected 700 billion yuan of liquidity via outright reverse repo operations while cutting the RRR by 0.5 percentage point.

Wang Qing, chief macroeconomic analyst at Golden Credit Rating International, said: "Friday's move to increase medium-term liquidity injections sends a clear signal of continued policy support through quantitative tools."

Wang said the PBOC is expected to make comprehensive use of tools such as pledged and outright reverse repos as well as the medium-term lending facility in the coming months to ensure ample liquidity in the banking system and reduce financing costs for the real economy.

To help financial institutions better plan their liquidity management, the PBOC may continue to announce outright reverse repo operations a day in advance, according to a report by Hua Chuang Securities.

Yuan Haixia, dean of the research institute at rating agency CCXI, said there is still scope for one to two more cuts in the RRR during the remainder of the year, given the country's relatively high real interest rates amid low inflation and its ample policy space compared to economies like the United States and Japan.

 

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 91糖心| 91最新网站免费 | 深夜成人性视频免费看 | 日日摸夜夜添夜夜添破第一 | 精品三级久久久久久久电影 | 小明成人永久在线看 | 国产高清一级毛片在线不卡 | 51精品视频在线观看视频 | 亚洲免费一区二区 | 国产成人手机在线好好热 | 日韩欧美一级 | 国产亚洲精品久久久久久 | 久久婷婷综合五月一区二区 | 鲁大师视频在线观看免费播放 | 亚洲成年人影院 | 欧美性大片免费 | 看欧美的一级毛片 | 做久爱视频在线观看 | 欧美亚洲精品一区 | 性欧美一级毛片欧美片 | 亚洲欧美一区二区三区九九九 | 亚洲国产一区二区三区青草影视 | 婷婷综合缴情亚洲狠狠图片 | 在线免费看片网站 | www.自拍| 色婷婷综合久久久 | 国产区精品福利在线观看精品 | 夜夜女人国产香蕉久久精品 | 222www免费观看 | 爆操御姐 | 视频一区二区三区蜜桃麻豆 | 亚洲精品国产第一区二区多人 | 亚洲欧美国产日产综合不卡 | 国产精品久久九九 | 国产精品久久毛片蜜月 | 婷婷丁香激情五月 | 日韩精品一级a毛片 | 国产精品性视频免费播放 | 亚洲欧美一区在线 | 麻豆国产成人精品午夜视频 | 国产99高清一区二区 |