China Financial Times: The central bank has conducted consecutive large-scale operations for two days, maintaining the loose monetary policy.

On April 2nd, the central bank conducted a 5 billion yuan 7-day reverse repurchase operation for the second consecutive day, with the announcement adding the phrase "fully meeting the demand of primary dealers" and keeping the policy rate unchanged. The central bank's large-scale operations reflect a reduced demand for funds from market institutions. Journalists learned from some financial institutions that at the end of March, the central bank increased its injections to support the inter-quarter funding situation, coupled with concentrated fiscal expenditures at the end of the quarter, resulting in loose funding conditions at the beginning of April. Due to their own liquidity management considerations, most institutions have not reported their funding requirements to the central bank in the past two days. The addition of "fully meeting the demand of primary dealers" in the announcement also indicates that the central bank's large-scale operations have not tightened liquidity, and the direction of moderately loose monetary policy remains unchanged.