Core Viewpoint - The People's Bank of China announced a 1 trillion yuan medium-term lending facility (MLF) operation to maintain ample liquidity in the banking system, marking the ninth consecutive month of increased MLF issuance [1] Group 1: MLF Operation Details - On November 25, the central bank will conduct a fixed-quantity, interest-rate tendering operation for 1 trillion yuan MLF with a one-year term [1] - With 900 billion yuan of MLF maturing this month, the net injection of MLF will amount to 100 billion yuan [1] Group 2: Market Implications - Experts believe this move will help maintain sufficient liquidity, support government bond issuance, and stabilize market expectations [1]

Core Points - The People's Bank of China conducted a reverse repurchase operation of 302.1 billion yuan for a 7-day term at a fixed interest rate of 1.40% on November 25, 2025 [1][2]. Summary by Category Operation Details - The operation involved a total bid amount of 302.1 billion yuan, which was also the amount awarded [2]. - The interest rate for the 7-day reverse repurchase operation was set at 1.40% [2].

● 本报记者 彭扬 "总体来看，接下来央行会综合运用买断式逆回购、MLF两项政策工具，持续向市场注入中期流动 性。"王青说。 2025年第三季度中国货币政策执行报告提出，根据经济金融形势的变化，做好逆周期和跨周期调节，持 续营造适宜的货币金融环境。 王青分析，11月中期流动性净投放仍处于较高水平的原因有三方面：一是10月安排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，意味着年底前会加发5000亿元地方债，11月政府债券 净融资规模会有明显上升；二是10月5000亿元新型政策性金融工具投放完毕，在带动当月委托贷款走高 后，后续还会带动配套中长期贷款较快投放；三是11月银行同业存单到期量明显增加。"这些因素在一 定程度上收紧了银行体系流动性，需要央行给予流动性支持。"王青说。 "在岁末年初之际，央行通过多种货币政策工具维持市场流动性充裕，进而引导金融机构加大信贷投 放，及时又必要。"招联首席研究员董希淼表示，目前，央行中短期流动性的投放方式已基本固定，即 每月5日前后开展3个月期买断式逆回购、15日前后开展6个月期买断式逆回购、25日开展MLF操作，为 保持市场流动性充裕提供有力支持。 货 ...

为保持银行体系流动性充裕，中国人民银行11月24日发布预告称，将在25日以固定数量、利率招标、多 重价位中标方式开展1万亿元中期借贷便利（MLF）操作，期限为1年期。鉴于11月有9000亿元MLF到 期，当月央行MLF净投放规模将达到1000亿元，为央行连续第九个月对MLF加量续作。 在保持流动性充裕和银行净息差持续承压的背景下，MLF期限偏长、投放和到账时间确定，能为金融 机构提供稳定的预期。与此同时，随着MLF操作招投标机制的完善，MLF操作已从当天发布结果公告 改为预先发布招标公告，有利于参与机构提前做好短中长期流动性安排。 "总体上看，接下来央行会综合运用买断式逆回购、MLF两项政策工具，持续向市场注入中期流动 性。"王青表示，央行加量续作MLF有助于稳增长、稳预期。 11月以来，央行两度开展公开市场买断式逆回购操作，累计净投放5000亿元。综合来看，MLF与买断 式逆回购两项政策工具在11月合计释放中期流动性6000亿元，与上月净投放规模持平，继续展现出央行 适度宽松的货币政策取向。 "11月MLF加量续作着眼于应对潜在的流动性收紧态势。"东方金诚首席宏观分析师王青向证券时报记者 指出，10月财政部 ...

"在岁末年初之际，央行通过多种货币政策工具维持市场流动性充裕，进而引导金融机构加大信贷投 放，及时又必要。"招联首席研究员董希淼表示，目前，央行中短期流动性的投放方式已基本固定，即 每月5日前后开展3个月期买断式逆回购、15日前后开展6个月期买断式逆回购、25日开展MLF操作，为 保持市场流动性充裕提供有力支持。 ● 本报记者 彭扬 11月24日，据中国人民银行消息，11月25日，中国人民银行以固定数量、利率招标、多重价位中标方式 开展10000亿元MLF（中期借贷便利）操作，期限为1年期。 Wind数据显示，11月将有9000亿元MLF到期。这意味着11月MLF净投放为1000亿元，连续第九个月加 量续做，符合市场预期。 净投放处于较高水平 "考虑到11月央行还净投放5000亿元买断式逆回购，这意味着11月中期流动性净投放总额达6000亿元， 与上月相同，连续四个月处于年内较高水平。"东方金诚首席宏观分析师王青说。 王青分析，11月中期流动性净投放仍处于较高水平的原因有三方面：一是10月安排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，意味着年底前会加发5000亿元地方债，11月政府债 ...

Group 1 - The People's Bank of China (PBOC) is set to conduct a 1 trillion yuan MLF operation on November 25, maintaining ample liquidity in the banking system [1] - This marks the ninth consecutive month of increased MLF operations, indicating a commitment to support economic growth and stabilize expectations [1] - In November, 900 billion yuan of MLF is maturing, resulting in a net injection of 100 billion yuan, aligning with market expectations [1] Group 2 - The central bank's actions are a response to recent macroeconomic downturns, signaling a continued supportive monetary policy stance [2] - Over the past six months, there has been a sustained net injection of liquidity, with November's net injection remaining high [2] - The PBOC has established a routine for liquidity injections, including 3-month and 6-month reverse repos, and 1-year MLF operations, contributing to a stable funding environment [2] Group 3 - The PBOC's liquidity support is crucial for maintaining a stable funding environment, aiding government bond issuance, and encouraging financial institutions to increase credit supply [2] - There is a possibility of a new round of reserve requirement ratio (RRR) cuts by the end of the year, in response to external and domestic economic conditions [2]

Key Points - Domestic gasoline and diesel prices will be reduced starting from November 24, with gasoline prices decreasing by 0.05 yuan per liter for 92 octane and 0.06 yuan per liter for 95 octane, while diesel prices will also decrease by 0.06 yuan per liter [1] - As of the end of October, China's total installed power generation capacity reached 3.75 billion kilowatts, marking a year-on-year increase of 17.3%, with solar power capacity growing by 43.8% and wind power capacity increasing by 21.4% [1] - The State Administration for Market Regulation has issued measures to support private economic organizations in participating in the construction of industrial metrology testing centers, enhancing their measurement capabilities [2] - The People's Bank of China announced a 1 trillion yuan MLF operation scheduled for November 25, 2025, with a one-year term [2] - The National Bureau of Statistics reported that in mid-November, 30 out of 50 monitored important production materials saw price increases, while 17 experienced declines [2] - The Ministry of Transport reported a decrease in national logistics performance from November 17 to November 23, with rail freight down by 0.34% and highway truck traffic down by 2.16% [3] - Shenzhen has achieved significant breakthroughs in financing for technology and small and medium-sized enterprises during the 14th Five-Year Plan period, with total direct financing exceeding 2.8 trillion yuan, a growth of over 50% compared to the previous five-year period [4] - Moody's Analytics predicts that the Bank of Korea will maintain the benchmark interest rate at 2.5% during its upcoming monetary policy meeting [5] - Singapore's overall CPI accelerated to 1.2% year-on-year in October, driven by rising private transportation prices [6]

"考虑到本月央行还开展了5000亿元买断式逆回购净投放，11月中期流动性净投放总额达到6000亿元，连续四个月处于6000亿元的年内较高水平。"王青表 示，主要原因有以下三点： 一是10月安排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，这意味着年底前会加发5000亿元地方债，11月政府债券净融资规模会 有明显上升；二是10月5000亿元新型政策性金融工具投放完毕，在带动当月委托贷款走高后，接下来还会带动配套中长期贷款较快投放；三是11月银行同 业存单到期量也有明显增加。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。 "着眼于应对潜在的流动性收紧态势，央行通过MLF和买断式逆回购向银行体系注入中期流动性，有助于保持资金面处于较为稳定的充裕状态。这能助力 政府债券发行，引导金融机构加大货币信贷投放力度。"王青表示，当前央行加量续作MLF，持续较大规模向银行体系注入中期流动性，释放了数量型政 策工具持续加力的信号，显示货币政策延续支持性立场，有助于稳增长、稳预期。 招联首席研究员、上海金融与发展实验室副主任董希淼表示，11月、12月是全年工作收官的关键时段。在岁末年初之际，央 ...

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 1-year Medium-term Lending Facility (MLF) operation of 1 trillion yuan on November 25, 2025, to maintain ample liquidity in the banking system, marking the ninth consecutive month of increased MLF operations [1][3]. Summary by Sections MLF Operations - On November 24, the PBOC announced a 1 trillion yuan MLF operation, with a fixed amount and interest rate bidding, to be conducted on November 25, 2025 [1]. - In November, 900 billion yuan of MLF is set to mature, resulting in a net MLF injection of 100 billion yuan for the month [1]. Liquidity Measures - The PBOC also conducted 700 billion yuan and 800 billion yuan reverse repos on November 5 and November 17, respectively, leading to a net liquidity injection of 600 billion yuan for November [3]. - The total net liquidity injection for November, combining MLF and reverse repos, remains at a high level, consistent with October's figures [3]. Economic Context - The increase in MLF aligns with market expectations, as the central government plans to issue additional local government bonds to address existing debt and stimulate effective investment [3]. - The PBOC's actions are seen as necessary to support liquidity in response to potential tightening in the banking system [4]. Future Monetary Policy - The PBOC aims to maintain a supportive monetary policy stance, with expectations of continued liquidity injections through MLF and reverse repos, although the scale may decrease from the current high levels [5]. - Upcoming policies may include a new round of fiscal and monetary measures to stabilize economic growth and support the real estate market [5].

新华财经北京11月24日电（刘润榕）人民银行24日开展3387亿元7天期逆回购操作，操作利率1.40%，与前次持平；鉴于当日有2830亿元7天期逆回购到 期，公开市场实现净投放557亿元。 上海银行间同业拆放利率（Shibor）整体窄幅震荡。具体来看，隔夜Shibor下跌0.40BP，报1.3160%；7天Shibor上涨3.00BP，报1.4470%；14天Shibor上涨 2.00BP，报1.5420%。 银行间质押式回购市场方面，7D资金量价齐升，R007成交额占比升至12.5%。具体看，DR001、R001加权平均利率分别下行0.2BP、上行0.2BP，报 1.3187%、1.3894%，成交额分别减少1481亿元、2421亿元；DR007、R007加权平均利率分别上行2.9BP、6.1BP，报1.4703%、1.5566%，成交额分别增加 684亿元、4326亿元；DR014、R014加权平均利率分别上行1.3BP、0.3BP，报1.5428%、1.5448%，成交额分别减少55亿元、1337亿元。 货币市场利率（11月24日） 上海银行间同业拆放利率（11月24日） 来源：全国银行间同业拆借中心 ...