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China's Central Bank Conducts 500 Billion Yuan 3-Month Reverse Repo on June 5, Net Drainage Expands

2026-06-04 11:47:27

According to Jin10 and an announcement from China's People's Bank, on June 5, the central bank will conduct 500 billion yuan in fixed-quantity, fixed-rate reverse repo operations with a 3-month maturity. Given that 1 trillion yuan of the same maturity matures this month, this operation represents a net drainage of 500 billion yuan, expanding liquidity withdrawal compared to May. Analysts view the move as signaling the central bank's intention to avoid excessive monetary stimulus while preventing market rate tightening, and to reserve policy space ahead of the mid-year liquidity window.

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