Central Bank: Appropriately select tools such as required reserve ratio, reverse repurchase agreements, MLF, etc. according to liquidity needs.

On July 15th, Zou Lan, the vice governor of the People's Bank of China, stated at a State Council Information Office press conference that in terms of quantity, the toolbox of the People's Bank of China is very rich, including reserve requirements, reverse repurchase agreements, medium-term lending facilities, and government bond trading. The reserve requirement mainly focuses on injecting long-term liquidity, while reverse repurchase agreements and medium-term lending facilities focus on injecting short to medium-term liquidity. The central bank will appropriately choose and reasonably match these tools according to liquidity management needs.