Following the large-scale RMB 50 billion reverse repurchase operation carried out the previous day, the reverse repurchase operation in the open market was overweight again. In order to maintain stable liquidity at the end of the year, the central bank launched a 7-day reverse repurchase operation of 200 billion yuan by means of interest rate bidding on the 28th, a two-month high. As RMB 10 billion of reverse repurchase expired on that day, RMB 190 billion was invested in the whole day. In this regard, industry experts said that short-term cross-year funds were in short supply, and the central bank significantly increased capital investment to stabilize market expectations. According to the experience of previous years, due to the influence of regulatory assessment, holidays and other factors, the capital demand increases intensively at the end of the year, and the capital price is prone to impulse rise, while the central bank will generally take action in time to meet the reasonable liquidity needs of financial institutions. In fact, since December 20, the open market operation has gradually increased, which is mainly reflected in the increase of one-day reverse repo trading volume from the previous 10 billion yuan to 20 billion yuan, and the restart of 14 day reverse repo operation to match with 7-day varieties. This week is the last week of 2021. On Monday (December 27), the volume of one-day reverse repo transactions of the central bank increased to 50 billion yuan. On the 28th, the reverse repo operation of the central bank further increased to 200 billion yuan, a one-day high since late October. In this regard, some market participants pointed out that after the RRR reduction and the fiscal investment at the end of the year, the current total liquidity is enough to support the next year, and the central bank's reverse repurchase will also be flexible and large-scale to meet the needs of the times; However, the influence of supply-demand mismatch factors still exists, and the situation of large market transaction price gap is still inevitable. The reporter noted that after the central bank carried out reverse repo in large quantities for two consecutive days, the money market interest rate showed signs of falling on the morning of the 28th. Shibor reported 1.6160% overnight on the 28th, down 16.2 basis points; Seven days Shibor reported 2.2450%, down 6.7 basis points; Shibor reported 2.5000% in three months, unchanged from the previous day. "On the one hand, the central bank has just implemented a new comprehensive RRR reduction this month, releasing long-term liquidity of about 1.2 trillion yuan; on the other hand, it is in the period of centralized financial investment at the end of the quarter. It is expected that the funds allocated by the government will arrive one after another in the next few days, forming a large amount of liquidity supply." The above market participants said. Recently, the Party committee of the central bank held a meeting to convey and study the spirit of the central economic work conference. The central bank stressed that to do a good job in financial work in 2022, we should continue to do a good job in "six stabilities" and "six guarantees", so as to create a suitable monetary and financial environment for stabilizing the macro-economic market and maintaining economic operation within a reasonable range. Prudent monetary policy should be flexible and appropriate, and maintain reasonable and abundant liquidity. We will do a good job in designing cross cyclical and counter cyclical policies to improve the foresight and pertinence of monetary policy. We will continue to release the potential of the reform of the quoted interest rate in the loan market and promote the steady decline of the comprehensive financing cost of enterprises. (outlook new era)