The central bank's reverse repurchase reproduces “zero operation.” On August 11, the central bank did not launch a 7-day reverse repurchase operation. The reverse repurchase of 46.5 billion yuan expired on the same day, and the open market achieved a net return of 46.5 billion yuan. On August 11, capital was generally stable, while the bond market fluctuated and pulled back after continuing to strengthen in the early period. Interviewees believe that the “zero operation” of this reverse repurchase was mainly due to abundant liquidity at the beginning of the month and the decline in financing needs of financial institutions. More of the bond market adjustments came from take-profit demand after a rapid decline in yields. As the tax period approaches, the issuance of government bonds accelerates, and ultra-long-term bond transactions become crowded, the bond market will still fluctuate in the short term.

The central bank's reverse repurchase reproduces “zero operation.” On August 11, the central bank did not launch a 7-day reverse repurchase operation. The reverse repurchase of 46.5 billion yuan expired on the same day, and the open market achieved a net return of 46.5 billion yuan. On August 11, capital was generally stable, while the bond market fluctuated and pulled back after continuing to strengthen in the early period. Interviewees believe that the “zero operation” of this reverse repurchase was mainly due to abundant liquidity at the beginning of the month and the decline in financing needs of financial institutions. More of the bond market adjustments came from take-profit demand after a rapid decline in yields. As the tax period approaches, the issuance of government bonds accelerates, and ultra-long-term bond transactions become crowded, the bond market will still fluctuate in the short term.