The central bank's reverse repos show "zero operations" again, with analysts stating that the adjustments in the bond market are primarily due to profit-taking needs.

The central bank's reverse repurchase operation showed "zero operation" again. On August 11, the central bank did not conduct any 7-day reverse repurchase operations, with 46.5 billion yuan in reverse repos maturing that day, resulting in a net withdrawal of 46.5 billion yuan from the open market. On August 11, the overall funding situation was stable, while the bond market experienced fluctuations and adjustments after a period of continuous strengthening. Interviewees believe that the "zero operation" in reverse repos was mainly due to abundant liquidity at the beginning of the month and a decline in financing demand from financial institutions. The adjustments in the bond market are more driven by profit-taking needs following a rapid decline in yields. With the tax period approaching and the acceleration of government bond issuances, along with overcrowding in ultra-long bond trading, the bond market is expected to experience short-term volatility.