Towards the end of the month, the central bank chose to increase reverse repurchase operations to protect market liquidity. On May 29, the central bank announced that in order to maintain stable liquidity at the end of the month, a reverse repurchase operation of 250 billion yuan was launched on the same day through interest rate tenders, and the winning bid interest rate was 1.80%. Since a reverse repurchase of 2 billion yuan expired on the same day, the open market achieved a net investment of 248 billion yuan. This is the first time since May that the central bank's open market operations have increased. Pang Yi, chief economist at JLL Greater China, believes that considering trends such as active fiscal policies moving forward to improve quality and efficiency, and the issuance of government bonds, as well as cross-month factors such as income tax settlement and liquidity index assessments, the central bank is gradually carrying out timely, strong, and effective liquidity adjustments by increasing reverse repurchases. This shows that the central bank does a good job of making detailed and practical liquidity adjustments based on changes in liquidity supply and demand and market interest rates in order to smooth out short-term disturbances, maintain reasonable and abundant market liquidity, and maintain capital interest rate policies close to interest rates The purpose of the policy is to promote stable market expectations , runs smoothly. (Shanghai Securities Report)