In June, the central bank's trading of treasury bonds saw a sharp decrease in volume, with a net injection of 100 billion, hitting the lowest value since October of last year.

On July 2nd, the central bank announced the liquidity injection situation of various tools in June 2026. In terms of central bank loans, the net injection for standing lending facility was 0 billion yuan, the net injection for medium-term lending facility was 200 billion yuan, and the net withdrawal for supplementary loans secured by collateral was 500 billion yuan. In terms of open market operations, the net injection for 7-day reverse repurchase was 582.6 billion yuan, the net injection for central treasury cash management was 0 billion yuan, and the net injection for open market government bond trading was 100 billion yuan. Compared to the 500 billion yuan net purchase scale of government bonds in May, the operation in June was reduced by 400 billion yuan, hitting the lowest value since the central bank resumed secondary market government bond trading in October 2025. Wang Qing, Chief Macro Analyst at Orient Securities, believes that this could be one reason why the net injection scale of government bond trading by the central bank in June has remained at a low level. Looking ahead, if the yield on the 10-year government bonds falls below 1.7%, it is not ruled out that the net injection scale of government bond trading may be further reduced, or even the possibility of temporarily suspending open market government bond trading again.