来源丨中国人民银行 编辑丨金珊 北京官宣楼市新政，事关非京籍、多子女家庭购房 铜价突破1.2万美元创15年新高！大量铜被运往美国 最强牛股暴涨超600%，A股广东军团86股年内翻倍 SFC 21君荐读 12月24日，中国人民银行公告，为保持银行体系流动性充裕，2025年12月25日，中国人民银 行将以固定数量、利率招标、多重价位中标方式开展4000亿元MLF操作，期限为1年期。 ...

中国人民银行官网今天（12月24日）发布消息，中国人民银行货币政策委员会2025年第四季度（总第 111次）例会于12月18日召开。 会议分析了国内外经济金融形势，认为当前外部环境变化影响加深，世界经济增长动能不足，贸易壁垒 增多，主要经济体经济表现有所分化，通胀走势和货币政策调整存在不确定性。我国经济运行总体平 稳、稳中有进，高质量发展取得新成效，但仍面临供强需弱矛盾突出等问题和挑战。要继续实施适度宽 松的货币政策，加大逆周期和跨周期调节力度，更好发挥货币政策工具的总量和结构双重功能，加强货 币财政政策协同配合，促进经济稳定增长和物价合理回升。 会议研究了下阶段货币政策主要思路，建议发挥增量政策和存量政策集成效应，综合运用多种工具，加 强货币政策调控，根据国内外经济金融形势和金融市场运行情况，把握好政策实施的力度、节奏和时 机。保持流动性充裕，使社会融资规模、货币供应量增长同经济增长、价格总水平预期目标相匹配，促 进社会综合融资成本低位运行。强化央行政策利率引导，完善市场化利率形成传导机制，发挥市场利率 定价自律机制作用，加强利率政策执行和监督。从宏观审慎的角度观察、评估债市运行情况，关注长期 收益率的变化 ...

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the need for a moderately loose monetary policy to support high-quality economic development and stabilize growth amid external uncertainties and domestic challenges [1][2]. Group 1: Monetary Policy and Economic Environment - The PBOC's monetary policy committee meeting highlighted the effectiveness of various monetary policy tools in enhancing the transmission efficiency of monetary policy and maintaining low social financing costs [1][2]. - The meeting acknowledged the challenges posed by external economic conditions, including insufficient global growth momentum and increasing trade barriers, while noting that China's economy remains stable with progress in high-quality development [1][2]. - The PBOC plans to continue implementing a moderately loose monetary policy, focusing on counter-cyclical adjustments to promote stable economic growth and reasonable price recovery [1][2]. Group 2: Policy Implementation Strategies - The meeting discussed the integration of incremental and stock policies, emphasizing the need for a comprehensive approach to monetary policy that aligns with economic growth and price level expectations [2]. - It was suggested to enhance the guidance of central bank policy rates and improve the market-based interest rate formation mechanism to ensure low financing costs [2]. - The PBOC aims to strengthen the resilience of the foreign exchange market and maintain the stability of the RMB exchange rate at a reasonable equilibrium level [2]. Group 3: Financial Sector Support - The meeting called for large banks to play a leading role in providing financial services to the real economy, while encouraging small and medium-sized banks to focus on their core responsibilities [3]. - There is a commitment to effectively implement structural monetary policy tools to support key areas such as domestic demand expansion, technological innovation, and small and micro enterprises [3]. - The PBOC aims to enhance financial services for the private economy and promote high-level financial openness while improving risk management capabilities [3].

Core Viewpoint - The People's Bank of China (PBOC) is conducting a 400 billion MLF operation to maintain ample liquidity in the banking system, with a one-year term set for December 25, 2025 [1] Group 1 - The PBOC will implement a fixed quantity, interest rate bidding, and multiple price level bidding method for the MLF operation [1] - The total amount for the MLF operation is set at 400 billion yuan [1]

新华财经北京12月24日电（高二山）人民银行24日开展260亿元7天期逆回购操作，操作利率1.40%，与前次持平；鉴于当日有468亿元7天期逆回购 到期，公开市场实现净回笼208亿元。 上海银行间同业拆放利率（Shibor）隔夜和7天品种下跌，14天品种上涨。具体来看，隔夜Shibor下跌0.50BP，报1.2670%；7天Shibor下跌1.40BP， 报1.3850%；14天Shibor上涨2.20BP，报1.5990%。 上海银行间同业拆放利率（12月24日） | 来源：全国银行间同业拆借中心 | | --- | 银行间质押式回购市场方面，非银间品种全线上涨，R014品种突破1.8%。具体看，DR001、R001加权平均利率分别下行0.7BP、上行0.3BP，报 1.2622%、1.3568%，成交额分别减少6亿元、增加852亿元；DR007、R007加权平均利率分别下行3.1BP、上行1.7BP，报1.38%、1.5198%，成交额 分别减少120亿元、1718亿元；DR014、R014加权平均利率分别上行2.0BP、5.2BP，报1.6202%、1.8047%，成交额分别减少5亿元、增加1540亿 ...

北京商报讯(记者刘四红)12月24日，人民银行发布消息称，为保持银行体系流动性充裕，12月25日，中 国人民银行将以固定数量、利率招标、多重价位中标方式开展4000亿元MLF(中期借贷便利)操作，期限 为1年期。 ...

Core Viewpoint - The People's Bank of China (PBOC) aims to continue implementing a moderately accommodative monetary policy, enhancing counter-cyclical and cross-cyclical adjustments to support stable economic growth and reasonable price recovery [1][4]. Group 1: Monetary Policy Implementation - The PBOC's monetary policy committee recently held a meeting to discuss the main ideas for the next phase of monetary policy, emphasizing the integration of incremental and stock policies [4]. - The meeting suggested using various tools to strengthen monetary policy regulation, ensuring liquidity remains ample and aligning money supply growth with economic growth and price level expectations [5]. Group 2: Financial Support and Structural Policies - The meeting highlighted the importance of effectively implementing various structural monetary policy tools to support key areas such as domestic demand expansion, technological innovation, and small and micro enterprises [5]. - The PBOC plans to utilize securities, funds, and insurance company swap facilities, as well as stock repurchase and refinancing, to maintain capital market stability [5]. Group 3: Domestic Economic Focus - The PBOC intends to prioritize strengthening the domestic economic cycle, balancing total supply and demand, and enhancing the forward-looking, targeted, and coordinated nature of macro policies [5]. - The focus will be on expanding domestic demand, optimizing supply, and continuously consolidating and expanding the momentum of stable economic growth [5].

【导读】央行将开展4000亿元MLF操作 12月24日，央行发布消息称，为保持银行体系流动性充裕，12月25日，中国人民银行将以固定数量、利率招标、多重价位中标方式开展4000亿元MLF （中期借贷便利）操作，期限为1年期。 东方金诚首席宏观分析师王青指出，在5月降准之后，央行连续第七个月开展中期流动性净投放，主要有三方面原因：一是前期安排5000亿元地方政府债 务结存限额，用于化解存量债务及扩大有效投资，这意味着12月还会有一定规模的政府债券发行；二是10月5000亿元新型政策性金融工具投放完毕，12月 会带动配套中长期贷款较快投放；三是12月银行同业存单到期量明显增加。以上都会在一定程度上收紧银行体系流动性，需要央行给予流动性支持。 12月MLF与买断式逆回购合计净投放中期流动性规模较上月减少3000亿元。王青认为，一方面，因为当月政府债券净融资规模较前期有所下降；另一方 面，不排除2026年一季度央行实施降准、向市场注入较大规模长期流动性的可能。 展望未来，王青表示，中央经济工作会议要求，"要继续实施适度宽松的货币政策。把促进经济稳定增长、物价合理回升作为货币政策的重要考量，灵活 高效运用降准降息等多种 ...

Core Viewpoint - The People's Bank of China emphasizes the importance of large banks in supporting the real economy and encourages small and medium-sized banks to focus on their core responsibilities while enhancing their capital strength to maintain financial market stability [1] Group 1: Financial Policy and Support - The meeting highlighted the need to effectively implement various structural monetary policy tools to support key areas such as expanding domestic demand, technological innovation, and small and micro enterprises [1] - It was noted that financial services should be strengthened to support the development of the private economy [1] Group 2: Capital Market Stability - The use of securities, funds, insurance company swap facilities, and stock repurchase loans was encouraged to explore regular institutional arrangements for maintaining capital market stability [1] - The meeting called for a continuous effort to enhance financial services that support the growth of the private economy [1] Group 3: Financial Openness and Risk Management - There is a push for high-level two-way financial openness, aiming to improve economic and financial management capabilities and risk prevention under open conditions [1]

会议强调，联席会议各成员单位要深入贯彻落实党中央、国务院部署，准确把握当前的形势和重点任 务，各司其职，加强协调，共同做好下一阶段各项反洗钱重点工作。要进一步提高认识，精心组织，做 好迎接反洗钱国际评估各项关键环节工作。要抓好反洗钱战略的贯彻落实，切实提升国家反洗钱、反恐 怖融资、防扩散融资体系的整体效能。要持续健全基于风险的反洗钱监管体系，提升义务机构反洗钱履 职有效性。要继续保持对洗钱活动及其上游犯罪的高压态势。要加强宣传，提升社会共识，为反洗钱工 作的深入推进营造客观、理性、健康的社会舆论环境。 最高人民法院、最高人民检察院、外交部、公安部、司法部、市场监管总局有关负责同志作了交流发 言。联席会议22个成员单位有关部门负责同志参加会议。中央政法委、中央金融办、国务院办公厅有关 负责同志应邀参会。 北京商报讯（记者 刘四红）据人民银行官微，12月24日，反洗钱工作部际联席会议第十二次全体会议 召开。反洗钱工作部际联席会议召集人、中国人民银行党委书记、行长潘功胜出席会议并讲话。反洗钱 工作部际联席会议办公室主任、中国人民银行副行长宣昌能主持会议。中央政法委副秘书长杨春雷、最 高人民法院副院长李勇、最高人民检 ...