To hedge the pre-holiday capital demand, the central bank reopens the 14-day reverse repurchase operations.

Liquidity arrangements were put in place before and after the Spring Festival. On February 5th, the People's Bank of China conducted reverse repurchase operations with a combination of 7-day and 14-day terms, resulting in a net injection of 64.5 billion yuan in the open market. Industry insiders believe that the central bank's move is not only a precise hedge against the capital needs before the Spring Festival, but also reflects the fine-tuned management of liquidity pace in the context of stabilizing growth. In terms of the funding situation, several institutions analyze that although the overall funding situation is stable at present, structural tension still occasionally appears. In the short term, the probability of large fluctuations in fund rates in February is low; in the longer term, with the recovery of domestic demand and credit, attention still needs to be paid to the possibility of gradual increase in the central fund rate.