Vice Governor of the People's Bank of China, Zou Lan: In the first half of the year, the effective use of various tools by the People's Bank of China has effectively offset the 1 trillion liquidity gap caused by factors such as the payment of deposit reserve requirements.

The State Council Information Office held a press conference to introduce the implementation of monetary policy and financial statistical data for the first half of 2026. Zou Lan, spokesperson and deputy governor of the People's Bank of China, stated at the press conference that in the first half of the year, the various tools provided by the central bank effectively offset the 1 trillion liquidity gap caused by factors such as deposit reserve requirements and cash injections. The overnight interbank lending rate (DR001) had an average of 1.31% in the first 6 months, showing overall stable operation. Zou Lan also mentioned that in order to better meet the short-term liquidity management needs of the banking system and enhance the precision and effectiveness of monetary policy interest rate adjustments, at the end of June, the People's Bank of China added overnight reverse repurchase operations in open market operations, further enriching the toolbox. The range of interest rates for temporary reverse repurchase operations was narrowed from 70 basis points to 50 basis points. In addition, the central bank also introduced overseas central bank repurchase tools to facilitate the management of renminbi liquidity and renminbi bond asset allocation for overseas central bank-like institutions, with the first transaction already completed recently.