[The central bank uses multiple tools to protect liquidity, and funding is expected to be stable across quarters] On September 29, the end-of-quarter assessment superimposed the demand for capital reserves before the National Day holiday, and the inter-bank market faced a cross-quarter test. The central bank extended the medium-term lending facility (MLF) ahead of schedule, increased the upper limit of overnight reverse repurchase operations, and injected funds with reverse repurchases of different maturities to provide support for a stable cross-season. Many institutions believe that the central bank's increased investment, coupled with the net return of government debt funds and an increase in fiscal expenditures at the end of the quarter, will generally control the funding pressure this week. After the cross-quarter, post-holiday cash flow and other factors are expected to promote loosening of funds, but in late October, we still need to pay attention to the disturbance caused by the superposition of tax payments and the expiration of open market operations. (Shanghai Securities News)