On February 6, the People's Bank of China (hereinafter referred to as the "Central Bank") issued an announcement that in order to maintain the reasonable and sufficient liquidity of the banking system, it carried out a reverse repurchase operation of 150 billion yuan in the form of interest rate bidding on the same day, and the operating interest rate remained unchanged at 2%. In view of the 523 billion yuan reverse repurchase due on the same day, the central bank realized a net withdrawal of 373 billion yuan in the open market. After the Spring Festival, the central bank's reverse repo direction is dominated by net withdrawal of money. According to Wind data statistics, from January 28 to February 6, the central bank realized a cumulative net withdrawal of 1441 billion yuan in the open market. "Before the Spring Festival, the central bank flexibly arranged the number of operations and the duration of funds to maintain the stability of liquidity by increasing the scale of reverse repo operations, using reverse repo tools with different maturities and other open market operations. From the perspective of the amount of reverse repo, from January 28 to February 1, the central bank's operating scale was 100 billion yuan. It fell to 66 billion yuan on February 2, further dropped to 23 billion yuan on February 3, and rose to 150 billion yuan on February 6. Speaking of the reasons for the recovery of the scale of reverse repo operation, Zhou Maohua, a macro researcher of the Financial Market Department of Everbright Bank, told the Securities Daily that since the amount of withdrawals due from the open market operating instruments on February 6 was relatively large, the market interest rate rose, the central bank moderately increased the reverse repo operation to meet the short-term capital demand of the institutions and stabilize the short-term capital surface; At the same time, it also released the signal that the central bank should protect the capital and ensure that the market liquidity remains reasonable and sufficient. According to the data of the National Interbank Funding Center, the Shanghai Interbank Offered Rate (Shibor) rose across the board on February 6. Among them, overnight Shibor rose 52 basis points to 1.782%, while 7-day and 14-day Shibor rose 15.7 basis points, 9.8 basis points to 2.007% and 1.966% respectively, both of which were the highest level since February 2. In addition, DR007 (the weighted average interest rate of 7-day pledge-type repo of inter-bank deposit institutions) was 1.821% on February 3, and as of 16:30 on February 6, DR007 was 2.0039%. From the perspective of liquidity disturbance factors this month, Pang Ming said that in addition to the factors such as cash withdrawal after the Spring Festival and the maturity of medium and long-term funds, other liquidity disturbance factors mainly include tax payment, net payment of fiscal bonds, deposit reserve, etc. However, referring to the data of previous years, February and March are both regular months of tax payment. It is expected that the scale of tax payment, net payment of government bonds and the payment reserve in February and March are relatively small, and the impact on liquidity is relatively controllable. Zhou Maohua also believed that "in combination with past experience, in addition to the maturity of open market operating instruments and the gradual withdrawal of cash after the Spring Festival, the liquidity factors this month also include bond issuance, tax payment and reserve payment." Zhou Maohua further said that from the perspective of recent central bank operation characteristics, the central bank's open market operation remains flexible, and the central bank's operation is more "price" (market interest rate) than "volume", It is expected that the central bank will pay attention to short-term factor disturbance and market interest rate level in the future