Analyst: This means that despite the long Chinese New Year holiday in February, there will still be a certain amount of government bond issuance.

The People's Bank of China announced on February 3 that in order to maintain ample liquidity in the banking system, it will conduct 800 billion yuan of reverse repurchase operations with a fixed amount and rate, using a multiple-price bidding method on February 4, with a term of 3 months. "This is the first time in nearly 4 months that the 3-month reverse repurchase has been increased," said Wang Qing, chief macro analyst at Orient Securities. Wang believes that this operation is mainly to ensure the funding needs of key areas and major projects, and to consolidate and expand the positive momentum of economic recovery. He mentioned that the limit of new local government debt for 2026 has been issued in advance, which means that despite the long Spring Festival holiday in February, there will still be a certain scale of government bond issuance, which will to some extent bring about a tightening effect on the funding situation. By injecting liquidity into the banking system through reverse repurchase operations, the central bank can guide the funding market to remain stable and ample before the holiday.