On July 15, Zou Lan, Deputy Governor of the People's Bank of China, stated at a press conference held by the State Council Information Office that the central bank will consider various factors comprehensively and arrange the types and scales of open market operations reasonably. Sometimes it will absorb liquidity, and at other times it will inject liquidity, ultimately aiming to maintain the total liquidity at an appropriate level to promote stable operation of short-term interest rates near the policy rate. The volume of a single operation serves the need for total liquidity regulation and should not be used to judge the central bank's policy direction. Compared to the central bank's operation volume, the level of short-term market interest rates is a more suitable observation indicator. (Securities Times)
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Central Bank: Do Not Judge Policy Direction Based on Single Market Operation Volume
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