In August, the central bank's liquidity investment showed the characteristics of “short and long contraction”, but the overall operation was in a state of net return. He Fan, a senior researcher at Societe Generale Research, pointed out in an interview with reporters that during the central bank's open market operation in August, the medium-term liquidity investment guided the curve structure, with a net buyout reverse repurchase investment of 200 billion yuan and MLF net return of 100 billion yuan, which guided the 1-year NCD interest rate to remain relatively stable.

In August, the central bank's liquidity investment showed the characteristics of “short and long contraction”, but the overall operation was in a state of net return. He Fan, a senior researcher at Societe Generale Research, pointed out in an interview with reporters that during the central bank's open market operation in August, the medium-term liquidity investment guided the curve structure, with a net buyout reverse repurchase investment of 200 billion yuan and MLF net return of 100 billion yuan, which guided the 1-year NCD interest rate to remain relatively stable.