Precise targeting to smooth out peaks and troughs, the central bank takes multiple measures to protect liquidity.

On May 6th, the People's Bank of China conducted a 260 billion yuan 7-day reverse repurchase operation with a fixed interest rate and fixed quantity tender method, with an operation rate of 1.4%. On the same day, the People's Bank of China conducted a 300 billion yuan 3-month fixed-term reverse repurchase operation. There were 292.9 billion yuan reverse repurchase and 800 billion yuan 3-month fixed-term reverse repurchase due on the same day, resulting in a net withdrawal of 76.69 billion yuan from the open market. Experts indicate that the current volume-reducing operations of the People's Bank of China are mainly to prevent idle funds, guide market interest rates to gradually converge with policy rates, stabilize market expectations; at the same time, through flexible regulation of "peaking and filling valleys", maintain ample liquidity without being excessively loose. The People's Bank of China will proactively, flexibly, and targetedly use a variety of monetary policy tools to maintain ample liquidity.