The central bank disclosed its liquidity operations data for January 2026, revealing varied movements across different policy tools. In terms of central bank lending, the Standing Lending Facility (SLF) recorded a net withdrawal of 7.9 billion yuan, while the Medium-term Lending Facility (MLF) saw a substantial net injection of 700 billion yuan. Additionally, the Pledged Supplemental Lending (PSL) tool registered a net injection of 174.4 billion yuan during the same period.

Open market operations displayed significant liquidity support, with 7-day reverse repurchase agreements contributing a net injection of 167.8 billion yuan. Notably, open market treasury transactions resulted in a net injection of 100 billion yuan, reflecting active management of market liquidity conditions.

Conversely, central treasury cash management operations showed a net withdrawal of 60 billion yuan, indicating a balanced approach to overall liquidity regulation. These coordinated measures demonstrate the central bank's nuanced strategy for maintaining stable financial market conditions.