Experts: It is expected that the central bank will comprehensively utilize various short, medium, and long-term liquidity management tools to maintain ample liquidity.

Wang Qing, Chief Macro Analyst at Dongfang Jincheng, stated that driven by factors such as the moderate reduction in various open market operations earlier, key market interest rates like DR001 have now rebounded to levels close to the policy interest rate, and there will be a net injection of liquidity in July. It is expected that the People's Bank of China will comprehensively utilize various short-, medium-, and long-term liquidity management tools to maintain ample liquidity, and the likelihood of key market interest rates like DR001 significantly diverging upwards from the policy interest rate is very low. Notably, the People's Bank of China has established an overnight reverse repurchase mechanism and is increasing the frequency of operations. Wang Qing believes this will further control the volatility of DR001 and create favorable conditions for promoting the transition of the monetary policy framework towards a price-oriented model.