Liquidity converges slowly

　　Since August 22, the central bank has suspended open market reverse repos for 15 consecutive working days.

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　　The main factor driving liquidity volumes down from previous high levels may be the impact of government bond issuance contributions. Since July, local bond issuance has been significantly increased, and in August, it hit a new high for the year. The market is expected to maintain a high supply of local debt in September. Statistics show that on September 1, solstice, 11, the amount of national debt, local debt issued a total of 231 billion yuan.

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　　Looking ahead, markets expect liquidity to converge further. First, in the middle of the year, the pace of local bond issuance is likely to accelerate, meaning more payments will be made. Second, in the middle of the year, the impact of monthly corporate taxes will also increase fiscal revenue. These two may jointly push up Treasury bills and have an effect on liquidity in the banking system. Third, September is a quarter month. Although the pressure of supervision and assessment has been alleviated, it has not been eliminated. From the middle of the month, the cross-quarter funding needs of some institutions may increase further.

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　　Market participants say that if capital levels tighten further in the middle of the month and money market rates move away from the central bank's "desired level", the opportunity for a resumption of .