[Central Bank: It is Inappropriate to Judge Central Bank Policy Orientation Based on the Volume of a Single Open Market Operation] According to a report by Jinse Finance, on July 15, Deputy Governor of the People's Bank of China, Zou Lan, stated at a press conference held by the State Council Information Office that the People's Bank of China will comprehensively consider changes in various factors and reasonably arrange the types and scales of open market operations. Sometimes liquidity will be withdrawn, and sometimes it will be injected, with the ultimate goal of maintaining the overall liquidity at an appropriate level to promote the smooth operation of short-term interest rates near the policy rate. The volume of a single operation is determined by the need to regulate the total liquidity and should not be used to infer the central bank's policy orientation. Compared to the central bank's operation volume, short-term market interest rate levels are a more suitable observation indicator. (Securities Times)