中国央行近期在公开市场操作中频繁使用隔夜逆回购工具。[1]8月3日，央行开展3000亿元隔夜逆回购操作，此前三个交易日（7月29日至31日）每日均开展6000亿元隔夜逆回购。[1]隔夜逆回购是今年6月新增的品种，用于向市场投放短期资金。[1]
央行副行长邹澜指出，在货币市场回购交易中隔夜品种占比已接近90%。[1]隔夜逆回购操作可以起到"削峰填谷"的作用，增强央行短端利率调控的精准性。[1]央行表示会研究逐步增加隔夜逆回购的操作频率，目前看重的是对超短期流动性的调节能力。[1]
China's central bank has increasingly deployed overnight reverse repurchase agreements in its open market operations, marking a shift in its monetary policy toolkit.[1] On August 3rd, the People's Bank of China conducted a 300 billion yuan overnight reverse repo operation, following three consecutive trading days from July 29th to 31st during which it injected 600 billion yuan daily through the same instrument.[1] The overnight reverse repo represents a newly introduced product category launched in June of this year, designed to supply short-term liquidity to the financial system.[1]
According to PBOC Deputy Governor Zou Lan, overnight instruments now account for nearly 90 percent of money market repurchase transactions, reflecting the acute demand for ultra-short-term funding among financial institutions.[1] The central bank indicated its intention to gradually increase the frequency of overnight reverse repo operations going forward.[1] Zou Lan characterized the mechanism as serving a "peak-shaving and valley-filling" function that enhances the precision of the PBOC's short-end interest rate management, with current emphasis placed on the tool's capacity to regulate ultra-short-term liquidity rather than on steering broader rate movements.[1]