?Original title: monetary policy adheres to a sound tone, open market operation rhythm is stable source: Niu JUANJU39期跑狗图 AN, a reporter of financial times, central bank issued a notice on February 23, saying that in consideration of factors such as cash withdrawal, the total amount of liquidity has increased. In order to maintain the reasonable and abundant liquidity of the banking system, the reverse repurchase operation will not be carried out on February 23. So far, in addition to the 21.1 billion yuan of central bank notes issued in Hong Kong on February 23, the central bank has suspended reverse repo for several consecutive days since the festival. Li Jianjun, CO president and chief economist of Jiangshan holding Research Institute, said in an interview with the financial times that at present, the market and banking system are relatively abundant in liquidity, and the market supply and demand can be balanced by suspending the operation of the open market. The central bank provided sufficient liquidity to the market through the operations of reducing reserve, targeted medium-term lending facility (tmlf) and reverse repo before the Spring Festival, and passed the Spring Festival holiday smoothly. After the Spring Festival, the inter-bank lending rates of all terms were lower than before the year. At present, by suspending the operation of the open market and recovering part of the excess liquidity, we can ensure the smooth operation of the market. Wang Qing, chief Macro Analyst of Dongfang Jincheng, said recently that affected by a large amount of capital flowing back to the banking system after the Spring Festival, the weighted average price of dr114 (deposit institutions' four-day pledge repo rate) continued to run below the policy guidance rate (the central bank's four-day reverse repo rate), indicating that the current market liquidity is in a state of abundance. This is the direct reason for the central bank to continuously implement the net withdrawal of funds after the festival.