央行，最新公布！

Core Viewpoint - The People's Bank of China (PBOC) has announced the results of the latest treasury cash management deposit bidding, indicating a decrease in the 1-month deposit rate by 3 basis points to 1.73% [2][6]. Group 1: Bidding Results - The total amount for the 11th phase of the treasury cash management deposit is 120 billion, with a maturity of 1 month, starting from November 24, 2025, and maturing on December 22, 2025, at a rate of 1.73% [3][6]. - The total amount for the 12th phase of the treasury cash management deposit is 80 billion, with a maturity of 21 days, starting from November 24, 2025, and maturing on December 15, 2025 [5][6]. Group 2: Rate Trends - The bidding results show a trend of declining rates for treasury cash management deposits throughout the year, with the 1-month deposit rate decreasing from 2% in February to 1.73% in November [6][7]. - The 1-month deposit rate has seen fluctuations, with an increase to 2.08% in March, followed by a decrease of 30 basis points to 1.78% in July, and further declines in subsequent months [6][7]. Group 3: Regulatory Framework - The Ministry of Finance and the PBOC issued new rules on October 10, 2023, to optimize the treasury cash management deposit bidding process, enhancing coordination between fiscal and monetary policies [8]. - The rules specify that treasury cash management deposits are to be placed in commercial banks, with the banks required to pledge sufficient collateral to receive deposits and pay interest to the Ministry of Finance [8].