Shanghai Securities News: The central bank uses multiple tools to support liquidity, and the funding situation is expected to remain stable across the quarter-end.

Quarter-end assessments combined with pre-holiday funding needs ahead of the National Day long break have brought a cross-quarter test to the interbank market. The central bank preemptively rolled over the medium-term lending facility in excess volume, raised the ceiling for overnight reverse repo operations, and injected funds through reverse repos of varying tenors to support a smooth cross-quarter transition. Multiple institutions believe that the central bank's increased injection efforts, together with the net return of government bond funds and higher fiscal spending at quarter-end, will keep overall funding pressure manageable this week. After the quarter-end, factors such as the return of cash after the holiday are expected to ease funding conditions, but late October still warrants attention for disruptions from the overlap of tax payments and maturing open market operations.