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Analysts pointed out that according to the latest data released by China, the tone of sound monetary policy will not change in the short term, and the structural regulation of liquidity is expected to continue in order to reduce the cost of real financing. Of course, we should also pay attention to whether the Central Bank of China will reposition policy interest rates such as reverse repurchase in the open market after the interest rate cut in July in the United States.
They also argue that although the Fed's interest rate cut in July opens up room for domestic monetary policy, central bank officials emphasize that monetary policy is "self-centered", while social and economic data grew rapidly in June, consumption and industrial data also recovered significantly, and the need for monetary policy relaxation as a whole is limited. It is expected that the probability of reducing interest rate in an all-round way is not high again. Strengthening directional regulation and control to promote the reduction of real financing costs will still play a leading role.
"The central bank continued similar operations when the MLF expired, demonstrating a relatively robust attitude towards monetary policy." Zhou Guannan, chief researcher of Huachuang Securities, pointed out that under the pressure of internal and external environment, the tone of monetary policy will not change significantly, and will maintain a steady and relaxed attitude towards the total amount and will not return to the old road of "flooding".
On Monday, the third implementation of the targeted reduction of county agricultural and commercial banks, the Central Bank of China (PBOC) slightly over-extended the expired MLF (medium-term lending facilities), with a scale of 200 billion yuan, a period of one year, the interest rate was flat at 3.30%. Today, no reverse repurchase operation will be carried out. According to this calculation, the net investment of the whole caliber in one day is 11.5 billion yuan.
The central bank announcement pointed out that the low deposit reserve ratio for rural commercial banks serving county areas has been implemented three times since May 15, and that today, for the third adjustment of the policy, about 100 billion yuan of long-term funds have been released. At the same time, in order to maintain the reasonable and sufficient liquidity of the banking system, the central bank carried out incremental operations for small and medium-sized banks on the basis of the MLF equivalent of 188.5 billion yuan due on the same day.


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