央行公布最新国库现金定存招投标结果 1年期下降3个BP

Core Viewpoint - The recent results of the central treasury cash management deposit bidding indicate a decrease in the bidding rates, reflecting a stable market liquidity and the government's strategy to manage surplus funds effectively [1][2]. Group 1: Bidding Results - On November 24, 2025, the central bank announced the results of the 11th and 12th rounds of treasury cash management deposit bidding, with a total of 120 billion yuan for the 1-month deposit at a rate of 1.73%, down 3 basis points from the previous round [1]. - The 12th round involved a total of 80 billion yuan for a 21-day deposit, also initiated on November 24, 2025 [1]. Group 2: Market Implications - The decrease in bidding rates suggests that the treasury funds are relatively abundant, allowing for the return of temporarily unallocated funds to the banking system [2]. - The bidding rates serve as an indicator of the interbank liquidity conditions, with a slight decline in rates potentially aiding in reducing banks' net interest margins [2]. Group 3: Regulatory Framework - In October 2025, the Ministry of Finance and the People's Bank of China issued new rules to optimize the treasury cash management deposit bidding process, enhancing the coordination between fiscal and monetary policies [2]. - The rules specify that the central treasury cash management deposits are to be placed in commercial banks, which must pledge sufficient collateral to receive deposits and pay interest to the Ministry of Finance [2]. Group 4: Bidding Mechanism - The bidding process for deposits longer than 1 month uses a single price bidding method, while deposits shorter than 1 month employ a multiple price bidding method [3]. - The results for longer-term deposits disclose the bid amounts, terms, and rates, whereas shorter-term results only reveal the bid amounts and terms without disclosing individual bank rates [3].