1个月期国库现金定存利率下降至1.73%，资金面宽松信号持续释放

Core Viewpoint - The recent auction of the 2025 Central Treasury Cash Management time deposits indicates a slight decrease in the bidding interest rate, reflecting a reasonable liquidity level in the banking system [1][6]. Group 1: Auction Details - The auction held on November 24 resulted in a total bid amount of 120 billion yuan with a bidding interest rate of 1.73%, down from 1.76% in the previous auction, marking a decrease of 3 basis points [1][4]. - The term for this deposit is set at one month, with the interest rate showing a downward trend over the last six auctions [6]. Group 2: Market Implications - The decline in the treasury cash deposit interest rate suggests a reduced demand for these funds by commercial banks, indicating that the banking system is not facing significant liquidity shortages [6][8]. - In contrast, the interbank market rates, such as the Shanghai Interbank Offered Rate (SHIBOR), have shown a slight increase, indicating differing pricing logic between treasury deposits and interbank borrowing [7]. Group 3: Central Bank Actions - The People's Bank of China has been actively injecting liquidity into the market, conducting a net injection of 55.7 billion yuan through a 7-day reverse repurchase operation on November 24, following several days of similar operations [7]. - The central bank plans to conduct a 10 billion yuan Medium-term Lending Facility (MLF) operation on November 25, aiming to maintain a multi-layered liquidity adjustment system [7]. Group 4: Future Outlook - The downward trend in the one-month treasury cash deposit interest rate is expected to help lower short-term funding costs for commercial banks, although the scale of this operation is limited and primarily serves as a signal [8]. - The overall monetary policy stance of the People's Bank of China is expected to remain stable, with a clear intention to counter seasonal liquidity pressures as the year-end approaches [8].