The central bank has conducted reverse repurchase operations for two consecutive days, and the direction of moderately loose monetary policy has not changed.

The open market business transaction announcement released by the People's Bank of China on April 2 showed that on that day, the central bank conducted a 5 billion yuan 7-day reverse repurchase operation using fixed interest rates and quantity bidding methods, and the announcement also added the statement "fully satisfied the demand of primary dealers." This operation was the central bank's second consecutive day of conducting 5 billion yuan reverse repurchase operations to inject liquidity. The injection of liquidity through reverse repurchase operations indicates a decrease in the demand for funds from market institutions for the central bank. Journalists learned from some financial institutions that at the end of March, the central bank increased its injections to support the end-of-quarter fund conditions, combined with concentrated fiscal expenditures at the end of the quarter, maintaining loose fund conditions at the beginning of April. Due to considerations of their own liquidity management, most institutions have not reported their funding needs to the central bank in the past two days. Experts believe that the addition of the phrase "fully satisfied the demand of primary dealers" in the announcement on April 2 indicates that the central bank's injection of liquidity does not mean a tightening of liquidity, and the direction of moderately loose monetary policy has not changed.