Wang Qing, chief macro analyst at Dongfang Jincheng, said that due to factors such as moderate cuts in various open market operations in the early stages, interest rates in major markets such as DR001 have now rebounded to close to policy interest rates, and liquidity resumed net investment in mid-July. It is expected that in the next step, the People's Bank of China will comprehensively use various short-, medium-, and long-term liquidity management tools to maintain abundant liquidity. It is very unlikely that interest rates in major markets such as DR001 will continue to rise sharply and deviate from policy interest rates. It is worth mentioning that the People's Bank of China has now set up an overnight reverse repurchase tool and is increasing the frequency of operations. Wang Qing believes that this will further control DR001 fluctuations and create favorable conditions for promoting the transformation of the monetary policy framework to a price type.

Wang Qing, chief macro analyst at Dongfang Jincheng, said that due to factors such as moderate cuts in various open market operations in the early stages, interest rates in major markets such as DR001 have now rebounded to close to policy interest rates, and liquidity resumed net investment in mid-July. It is expected that in the next step, the People's Bank of China will comprehensively use various short-, medium-, and long-term liquidity management tools to maintain abundant liquidity. It is very unlikely that interest rates in major markets such as DR001 will continue to rise sharply and deviate from policy interest rates. It is worth mentioning that the People's Bank of China has now set up an overnight reverse repurchase tool and is increasing the frequency of operations. Wang Qing believes that this will further control DR001 fluctuations and create favorable conditions for promoting the transformation of the monetary policy framework to a price type.