Since the later half of May, the interbank liquidity has been tightened for nearly one month. It is of Anbound's view that China's central bank has changed its money policy orientation. From the central decision makers to central bank regulators, there is an unanimous view that the money should not be noticeably loosened. Under this circumstance, the market should not expect an expansionary monetary policy from the government, adjust to the new monetary environment and turn to a more reserved and steady operation strategy.