编辑：张澍楠 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 12月5日央行开展1398亿元7天期逆回购操作 中新网12月5日电 据央行网站消息，2025年12月5日中国人民银行以固定利率、数量招标方式开展了1398亿元7天期逆回购操作。具体情况如 下： | | 逆回购操作情况 | | | | --- | --- | --- | --- | | 期限 | 操作利率 | 投标量 | 中标量 | | 7天 | 1.40% | 1398亿元 | 1398亿元 | | | 中国人民银行公开市场业务操作室 二〇二五年十二月五日 | | | 来源：中国新闻网 ...

"总体上看，预计12月央行会综合运用买断式逆回购、中期借贷便利（MLF）等工具，持续向市场 注入中期流动性。"王青表示。 责任编辑：袁浩 本报讯 记者马玲报道 12月4日，中国人民银行发布公告表示，为保持银行体系流动性充裕，12月5 日，以固定数量、利率招标、多重价位中标方式开展10000亿元买断式逆回购操作，期限为3个月（91 天）。 东方金诚首席宏观分析师王青分析认为，数据显示，12月将有10000亿元3个月期买断式逆回购到 期，央行12月5日开展10000亿元买断式逆回购操作，意味着当月3个月期买断式逆回购等量续作，也是 该政策工具连续第二个月等量续作。 ...

Group 1 - The People's Bank of China will conduct a 10 trillion yuan reverse repurchase operation on December 5, 2025, to maintain ample liquidity in the banking system, indicating a supportive monetary policy stance [1] - The operation will be conducted using a fixed quantity, interest rate bidding, and multiple price-level bidding methods, with a term of three months [1] Group 2 - In the third quarter, Chinese banks processed non-cash payment transactions totaling 150.336 trillion yuan, with 168.508 billion transactions recorded [2] - The payment system in China is operating smoothly, with 1.65278 billion card transactions amounting to 234.92 trillion yuan, including 1.03594 billion consumer transactions worth 33.19 trillion yuan [2] - Electronic payment transactions reached 94.54 trillion yuan, with mobile payments accounting for 13.753 trillion yuan [2] Group 3 - In 2025, over 300 small and medium-sized banks are expected to undergo mergers and restructuring, with 368 banks already having been merged or dissolved this year, surpassing the total from the previous year [3] - Village and township banks account for 176 of the total exits, representing nearly half of the total [3] - Experts suggest that the consolidation of small and medium-sized banks will help reduce high-risk financial institutions and lower risk management costs [3] Group 4 - AMC has increased its stake in bank stocks, with Citic Financial Asset raising its holdings in Everbright Bank to 9% [4] - Since announcing a plan to invest up to 4 billion yuan in Everbright Bank shares in November 2024, AMC's actions have continued to materialize [4] - Insurance funds have also been increasing their investments in the banking sector, with their holdings in bank stocks exceeding 400 billion yuan by the end of the third quarter [4]

12月4日，中国人民银行发布公告称，将在5日以固定数量、利率招标、多重价位中标方式开展1万亿元 买断式逆回购操作，期限为3个月（91天）。鉴于月内将有同等规模的3个月期品种到期，本次操作后将 实现3个月期买断式逆回购等量续作。 （文章来源：证券时报） 12月有累计1.4万亿元的买断式逆回购到期量，考虑到月内还有一次6个月期品种操作，市场专家仍看好 12月两个期限品种的买断式逆回购将合计延续加量续作。邮储银行研究员娄飞鹏认为，本次买断式逆回 购操作进一步强化了对跨年资金面的支撑，避免因资金到期导致的流动性缺口。 今年以来，央行通过开展买断式逆回购、中期借贷便利（MLF）、国债买卖操作，持续呵护中长期流 动性。为进一步提高买断式逆回购操作信息披露的时效性，央行自今年6月起提前发布招标公告，稳定 市场预期。此后，3个月期品种操作主要在月初落地，6个月期品种操作主要发生在月中，多为加量续 作。但央行在今年9月和11月初开展的3个月期买断式逆回购均为等量续作。 综合9月、11月资金面表现来看，天风证券固收首席分析师谭逸鸣认为，等量续作或反映月初银行通过 买断式逆回购补充流动性的意愿不高，更倾向于等待月中、月末等流动性需 ...

Core Viewpoint - The People's Bank of China (PBOC) will conduct a 1 trillion yuan (approximately 100 billion USD) reverse repo operation to maintain ample liquidity in the banking system, indicating a continuation of supportive monetary policy [1] Group 1: Reverse Repo Operation - The PBOC announced a fixed quantity, interest rate bidding, and multi-price bidding method for a 1 trillion yuan reverse repo operation, with a term of 3 months (91 days) [1] - This operation is a continuation of the 1 trillion yuan reverse repo maturing in December, indicating a rollover of the same amount [1] Group 2: Economic Analysis - Analysts expect the PBOC to guide the funding environment to remain relatively stable and ample, which will support government bond issuance and encourage financial institutions to increase monetary credit [1] - It is anticipated that the PBOC will maintain a loose quantitative operation model for the remainder of the year, resulting in a relatively stable and loose funding environment [1]

Group 1 - The People's Bank of China conducted a 1,808 billion yuan reverse repurchase operation with a 7-day term at an interest rate of 1.40%, maintaining the previous rate [1] - On the same day, 3,564 billion yuan of 7-day reverse repos matured, resulting in a net withdrawal of 1,756 billion yuan from the open market [1] - The Shanghai Interbank Offered Rate (Shibor) for the overnight term increased by 0.10 basis points to 1.3020%, while the 7-day Shibor decreased by 0.20 basis points to 1.4240% [2][4] Group 2 - In the interbank pledged repo market, various rates showed narrow fluctuations, with DR001 and R001 weighted average rates rising by 0.1 basis points and 0.3 basis points, respectively [4] - The weighted average rates for DR007 and R007 saw a decrease of 0.3 basis points and an increase of 0.2 basis points, respectively, with transaction volumes increasing [4] - The overall funding environment opened slightly loose but later tightened, with overnight rates fluctuating between 1.40% and 1.45% [8] Group 3 - As of December 4, there were 99 interbank certificates of deposit issued, with a total issuance amount of 1,189.2 billion yuan [8] - The trading sentiment for primary certificates of deposit was relatively light, while secondary certificates showed moderate activity with yields continuing to rise [9] - The yield curve spread between 1-year and 1-month certificates widened by 0.25 basis points compared to the previous day [9]

Core Viewpoint - The People's Bank of China (PBOC) is injecting liquidity into the banking system through a 1 trillion yuan reverse repurchase operation, maintaining a stable liquidity environment as the year-end approaches [1][4]. Group 1: Reverse Repo Operations - The PBOC will conduct a 1 trillion yuan buyout reverse repo operation with a term of 3 months, which is a continuation of the previous month's operation, effectively a "same amount rollover" [1][5]. - The buyout reverse repo tool, introduced in October 2024, allows the PBOC to buy bonds from primary dealers and agree to repurchase them later, providing medium-term liquidity to the market [3]. Group 2: Factors Influencing Liquidity - Multiple factors are contributing to liquidity pressure in the banking system, including a significant issuance of local government bonds and the rapid formation of loans linked to new policy financial tools [4]. - The maturity peak of interbank certificates of deposit in December is expected to reach 3.7 trillion yuan, creating additional rollover pressure on banks [4]. Group 3: Future Expectations - The decision to maintain the same amount of reverse repo rather than increasing it may relate to the structure of financial institutions' funding needs, but does not indicate a reduction in liquidity support [5]. - There is a widespread expectation that the PBOC may implement a new round of reserve requirement ratio (RRR) cuts by early 2026, which could further ease liquidity pressures in the banking system [6][7].

Group 1 - The People's Bank of China (PBOC) announced a reverse repurchase operation to maintain ample liquidity in the banking system [1] - The operation will involve a fixed amount of 1 trillion yuan (approximately 100 billion) conducted through a multi-price bidding method [1] - The term of the reverse repurchase operation will be 3 months (91 days) [1]

Core Viewpoint - The People's Bank of China (PBOC) announced measures to maintain ample liquidity in the banking system, including a significant reverse repurchase operation of 1 trillion yuan scheduled for December 5, 2025 [1] Group 1: Reverse Repo Operations - PBOC will conduct a fixed quantity, interest rate tender, multi-price bidding reverse repo operation amounting to 1 trillion yuan with a term of 3 months (91 days) [1] - On the same day, PBOC also conducted a 7-day reverse repo operation amounting to 180.8 billion yuan at an interest rate of 1.4% [4][5] Group 2: Market Interest Rates - Recent data indicates a decline in funding rates, with the overnight Shanghai Interbank Offered Rate (Shibor) down by 0.1 basis points to 1.301%, and the 7-day Shibor down by 0.8 basis points to 1.426% [6] - The weighted average rate of DR007 decreased to 1.4409%, while the 1-day government bond reverse repo rate (GC001) fell to 1.407% [6] Group 3: Liquidity Assessment - According to a report from CITIC Securities, there is essentially no liquidity gap in December when excluding the factors of MLF and reverse repo maturities, indicating limited risk to the bond market [6] - However, it is noted that fiscal spending may be delayed, which could lead to disturbances at certain points in the middle of the month [6]

Core Insights - The People's Bank of China reported that in the third quarter, a total of 1,685.08 billion non-cash payment transactions were processed, amounting to 150.336 trillion yuan [1] Group 1: Payment System Performance - The payment system in China operated smoothly in the third quarter, with a total of 1,652.78 billion card transactions amounting to 234.92 trillion yuan [1] - Consumer transactions accounted for 1,035.94 billion transactions, totaling 33.19 trillion yuan [1] Group 2: Electronic and Mobile Payments - Banks processed electronic payment transactions amounting to 94.54 trillion yuan, with mobile payment transactions reaching 13.753 trillion yuan [1] - Non-bank payment institutions handled 3,380.19 billion online payment transactions, totaling 85.28 trillion yuan [1]