Wang Qing, chief macro analyst at Dongfang Jincheng, said that next, macroeconomic policies will be further skewed in the direction of steady growth, including speeding up the issuance of government bonds and speeding up the implementation of 800 billion yuan of new policy financial instruments, etc., which require support from the central bank in terms of liquidity. This means that in the short term, medium-term liquidity instruments, including MLF and buyout reverse repurchases, are expected to continue to increase production to support the issuance of government bonds and the investment of bank supporting credit. This is an important impetus for current monetary policy to increase countercyclical adjustment. The possibility that the central bank will implement a downgrade in the later stages is also not ruled out. At that time, the scale of MLF and buyout reverse repurchase operations will be moderately reduced, and there is a certain substitution relationship between the two types of policy instruments.

Wang Qing, chief macro analyst at Dongfang Jincheng, said that next, macroeconomic policies will be further skewed in the direction of steady growth, including speeding up the issuance of government bonds and speeding up the implementation of 800 billion yuan of new policy financial instruments, etc., which require support from the central bank in terms of liquidity. This means that in the short term, medium-term liquidity instruments, including MLF and buyout reverse repurchases, are expected to continue to increase production to support the issuance of government bonds and the investment of bank supporting credit. This is an important impetus for current monetary policy to increase countercyclical adjustment. The possibility that the central bank will implement a downgrade in the later stages is also not ruled out. At that time, the scale of MLF and buyout reverse repurchase operations will be moderately reduced, and there is a certain substitution relationship between the two types of policy instruments.