"Ground-repurchase agreements temporarily pause, central bank safeguards liquidity during tax season."

As the tax deadline approaches, the pace of open market operations by the central bank has shown marginal changes. The continuous days of "small-scale" reverse repurchase operations have temporarily come to an end, and the central bank has moderately increased its injection efforts to hedge against short-term fund fluctuations: On April 21, the central bank conducted a 50 billion yuan 7-day reverse repo operation, achieving a net injection of 40 billion yuan; On April 22, the central bank continued to conduct a 60 billion yuan reverse repo operation, with a net injection of 55 billion yuan on that day, and explicitly stated that it would "fully meet the demand of primary dealers". Market participants stated that at this critical point in the tax period, the central bank's increase in injection scale to "smooth out peaks and valleys" is helpful in stabilizing the funding situation, and is seen as a "safeguard" measure for tax period liquidity.