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Core Viewpoint - The recent auction results for the Central Treasury Cash Management Commercial Bank Time Deposits indicate a trend of declining interest rates, reflecting a stable market liquidity environment [7][9]. Group 1: Auction Results - The 11th auction resulted in a total bid amount of 120 billion yuan, 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 auction [3][7]. - The 12th auction had a total bid amount of 80 billion yuan, with a maturity of 21 days, starting from November 24, 2025, and maturing on December 15, 2025 [6][7]. Group 2: Interest Rate Trends - The overall trend for the interest rates of the Central Treasury Cash Management Time Deposits has been downward throughout the year, with the 1-month deposit rate decreasing from 2% in February to 1.73% in the latest auction [7][8]. - The interest rate for the 1-month deposit has seen fluctuations, with a peak of 2.08% in March and a low of 1.76% in October [8]. Group 3: Regulatory Framework - The Ministry of Finance and the People's Bank of China issued new rules in October 2025 to optimize the operation mechanism of the Central Treasury Cash Management Time Deposits, enhancing the coordination between fiscal and monetary policies [9][10]. - The new rules specify that the time deposits can have various maturities, generally within 1 year, and are subject to competitive bidding for interest rates [9].