On January 30, the People's Bank of China (hereinafter referred to as the "Central Bank") announced that, in order to maintain the stability of liquidity at the end of the month, the Central Bank carried out 173 billion yuan of 7-day reverse repo operation in the form of interest rate bidding on that day. Given that 74 billion yuan of 14-day reverse repo expired on that day, the Central Bank realized a net investment of 99 billion yuan. It is worth mentioning that this is the third consecutive working day after the Central Bank holiday to carry out large-scale open market operations. On January 28 and 29, the central bank carried out a seven-day reverse repurchase operation of 222 billion yuan and 128 billion yuan respectively. Wind data shows that the total amount of reverse repurchase due from January 28 to February 3 was 2306 billion yuan. Mingming, the chief economist of CITIC Securities, said in an interview with the reporter of Securities Daily that under the background of relatively large maturity of reverse repo in the open market after the Spring Festival, the central bank will put liquidity into the market through a large number of open market operations, which will help balance the supply and demand of overall liquidity and make it reasonable and sufficient. Wang Youxin, a senior researcher at the Bank of China Research Institute, told the Securities Daily that the central bank's open market operation before the holiday was mainly net investment. With the market demand stabilizing after the holiday, the disturbance of the holiday weakened, and the funds released in the early stage were sufficient to meet the current market demand. Therefore, the post-holiday reverse repo is dominated by net cash withdrawal, but at the same time, in order to avoid short-term disturbance to the market caused by the maturity of large-scale reverse repo, it is expected that the central bank will still maintain the operating scale of about 100 billion yuan per day before February 3. From the perspective of changes in market interest rates around the Spring Festival, according to the data of the National Interbank Offered Rate Center, the trend of Shibor (Shanghai Interbank Offered Rate) interest rates for various periods is generally stable, while the trend of overnight, three-month and other period interest rates is slightly decreased, indicating that the market liquidity is generally abundant after the Spring Festival. Taking the overnight term interest rate as an example, as of 11:00 on January 30, the overnight Shibor was at 1.4110%, down more than 40 basis points from the 1.8340% level before the holiday (January 20). The change of capital price also reflects a similar trend. Since January 28, DR007 (the weighted average interest rate of 7-day pledge-type repo of inter-bank deposit institutions) has decreased compared with that before the Spring Festival. On January 19, DR007 was at 2.3543%, the highest level in the month, and then continued to fall. As of January 29, DR007 was at 1.8343%, falling below the 7-day reverse repurchase rate. "The central bank has comprehensively used a variety of monetary policy tools to release liquidity in a timely and appropriate manner, and achieved the policy intention of not tightening liquidity before the holiday, not loosening liquidity after the holiday, maintaining the stability of market expectations, and promoting the reasonable and stable operation of the money market interest rate with the reverse repo rate as the center." Pang Ming, chief economist and head of research department of Jones Lang LaSalle in Greater China, said in an interview with the reporter of Securities Daily, Before the holiday, the central bank flexibly arranged the number of operations and the duration of funds by increasing the scale of reverse repo operations, using reverse repo tools with different maturities and other open market operations. This part of the liquidity put in will be centralized due and naturally recovered in a short term. At the same time, the large withdrawal of cash after the Spring Festival holiday will significantly increase the total liquidity of the banking system. In order to iron market funds in time