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Core Viewpoint - The latest results of the Central Treasury Cash Management Commercial Bank Time Deposit bidding for the 11th and 12th periods have been announced, indicating a trend of declining interest rates in the treasury cash deposit market [1][6]. Group 1: Bidding Results - The total amount awarded for the 11th period is 120 billion, with a maturity of 1 month, starting from November 24, 2025, and maturing on December 22, 2025, at an interest rate of 1.73%, which is a decrease of 3 basis points from the previous rate [2][6]. - The total amount awarded for the 12th period is 80 billion, with a maturity of 21 days, starting from November 24, 2025, and maturing on December 15, 2025 [5][6]. Group 2: Interest Rate Trends - The overall trend in interest rates for treasury cash deposits has been downward throughout the year, with the 1-month deposit rate decreasing from 2% in February to 1.73% in November [6][7]. - The 1-month treasury cash deposit rates have shown fluctuations, with a peak of 2.08% in March and a low of 1.76% in October [6][7]. Group 3: Regulatory Framework - The Ministry of Finance and the People's Bank of China issued new rules in October 2023 to optimize the treasury cash management process, enhancing the coordination between fiscal and monetary policies [8]. - The new rules specify that the central treasury cash management time deposits are to be conducted through a competitive bidding system, with various terms available for deposits [8][9].