The end-of-quarter assessment was compounded by the requirement to prepare funds before the National Day holiday, and the interbank market faced a cross-season test. The central bank overextended medium-term loans ahead of schedule, raised the upper limit of overnight reverse repurchase operations, and invested capital with reverse repurchases over different periods to support a smooth cross-season transition. A number of institutions believe that the central bank's increased investment efforts, combined with a net return of government debt funds and an increase in fiscal spending at the end of the quarter, financial pressure is generally manageable this week. After crossing the season, factors such as the return of cash after the holiday season are expected to drive capital loosening, but in late October, we still need to pay attention to the disturbances caused by the combination of tax payments and the expiration of open market operations.

The end-of-quarter assessment was compounded by the requirement to prepare funds before the National Day holiday, and the interbank market faced a cross-season test. The central bank overextended medium-term loans ahead of schedule, raised the upper limit of overnight reverse repurchase operations, and invested capital with reverse repurchases over different periods to support a smooth cross-season transition. A number of institutions believe that the central bank's increased investment efforts, combined with a net return of government debt funds and an increase in fiscal spending at the end of the quarter, financial pressure is generally manageable this week. After crossing the season, factors such as the return of cash after the holiday season are expected to drive capital loosening, but in late October, we still need to pay attention to the disturbances caused by the combination of tax payments and the expiration of open market operations.