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PBOC: It is not advisable to judge the central bank’s policy orientation based on the volume of a single open market operation.

K-LinePoet
On July 15, Zou Lan, Vice Governor of the People’s Bank of China, said at a State Council Information Office press conference that the PBoC will take overall account of changes in multiple factors and make reasonable arrangements for the types and sizes of open market operations—sometimes withdrawing liquidity and sometimes injecting it—so as to keep the overall liquidity quantity at an appropriate level and thereby promote stable operation of short-term interest rates near the policy rate. How much a particular operation involves is intended to meet the needs of liquidity quantity management, and it should not be judged by the amount of a single operation. Compared with the central bank’s operation volume, the level of short-term market interest rates is a more suitable indicator to observe. (People’s Finance)
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