The central bank's reverse repurchase operations for a seven-day period have been zero for three consecutive days, making medium-term liquidity injections a key observation window.

Since August 11, the central bank has not conducted any 7-day reverse repo operations for three consecutive trading days, resulting in a volume of zero. The shift from previously low-volume operations to continuous "zero injections" in open market operations has drawn attention from the bond market. Many institutions believe that it is too early to conclude that there has been a change in monetary policy orientation solely based on the continuous zero injections in the 7-day reverse repo. The scale of subsequent mid-term liquidity tool injections, the lending conditions of major banks, and the trends in funding prices will all serve as important indicators for observing the central bank's liquidity management stance.