新华财经北京11月24日电（记者翟卓）中国人民银行24日公告，为保持银行体系流动性充裕，将于25日 以固定数量、利率招标、多重价位中标方式开展10000亿元中期借贷便利（MLF）操作，期限为1年 期。 鉴于25日将有9000亿元MLF到期，本月加量续作规模为1000亿元，也是连续第九个月保持加量续作， 符合市场预期。再综合考虑此前中国人民银行已通过买断式逆回购净投放5000亿元，本月内中期流动性 净投放总量达6000亿元。 在东方金诚首席宏观分析师王青看来，10月5000亿元新型政策性金融工具投放完毕后，会带动配套中长 期贷款较快增长，加之11月银行同业存单到期规模及政府债券净融资规模均会明显增加，也会在一定程 度上收紧银行体系的流动性。 还有受访人士表示，中国人民银行持续较大规模向银行体系注入中期流动性，可释放数量型政策工具持 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。后续中国人民银行或继续综合 运用MLF及买断式逆回购两项政策工具，持续向市场注入中期流动性。 （文章来源：新华财经） "由此，着眼于应对潜在的流动性收紧态势，中国人民银行通过MLF和买断式逆回购向银行体系注入中 期流动性 ...

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 1 trillion yuan MLF operation on November 25, indicating a net injection of 100 billion yuan in November, continuing a trend of increased liquidity support for the ninth consecutive month [1][3]. Group 1: Monetary Policy Actions - The PBOC will implement a fixed quantity, interest rate tender, and multi-price bidding method for the 1 trillion yuan MLF operation, with a one-year term [1]. - In November, there will be 900 billion yuan of MLF maturing, resulting in a net injection of 100 billion yuan [1]. - The central bank's net liquidity injection for November, including a 500 billion yuan reverse repo, totals 600 billion yuan, maintaining a high level of mid-term liquidity for four consecutive months [3]. Group 2: Factors Influencing Liquidity - Three main factors contribute to the high level of mid-term liquidity: the issuance of 500 billion yuan in local government bonds, the completion of 500 billion yuan in new policy financial tools, and an increase in the maturity of interbank certificates of deposit [3]. - The PBOC aims to support liquidity in the banking system to counteract potential tightening, ensuring a stable and ample funding environment [4]. Group 3: Future Expectations - Experts anticipate that the PBOC will continue to utilize both reverse repos and MLF as tools to inject mid-term liquidity into the market [5]. - The central bank's commitment to maintaining a supportive monetary policy stance is expected to help stabilize growth and expectations [4]. - The PBOC is likely to maintain a loose quantity operation model through the end of the year, fostering a relatively stable and accommodative funding environment [6].

中国人民银行11月24日发布公告称，为保持银行体系流动性充裕，11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10000亿元中期借贷便利（MLF）操作，期限为1年期。 由于当月有9000亿元MLF到期，这意味着MLF净投放量达1000亿元，为连续第9个月加量续作。 东方金诚首席宏观分析师王青认为，中国人民银行通过MLF等政策工具持续注入中期流动性，显示货 币政策延续支持性立场，有助于资金面保持充裕、助力政府债券发行、稳定市场预期。（记者任军、吴 雨） ...

Group 1 - The People's Bank of China will conduct a 1 trillion yuan MLF operation on November 25, 2025, to maintain liquidity in the banking system [1] - The operation will be conducted through a fixed amount, interest rate bidding, and multiple price level bidding method [1] - The term of the MLF operation will be for one year [1]

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。同时，当前MLF操作采取多重价位中标的方式，既有利于机构 按需求合理确定投标利率，提高金融机构自主市场化定价能力，也有利于央行动态掌握机构流动性余缺 状况。 "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，近期宏观经济运行出现波动，央行加量续作MLF有助于稳增长、稳预期。 公开市场国债买卖操作、公开市场买断式逆回购操作以及MLF操作是在央行每日根据一级交易商需求 连续开展7天期逆回购操作的基础上，额外投放的中长期资金。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，继续展现央行适度宽松的货币政策取向。 今年3月起，MLF采用固定数量、利率招标、多重价位中标方式开展操作，政策属性完全退出，更好满 足不同参与机构差异化资金需求。3月以来，央行持续保持对MLF加量续作，市场机构普遍认为，在保 持流动性 ...

Core Viewpoint - The People's Bank of China (PBOC) is taking measures to maintain liquidity in the banking system by conducting a 1 trillion yuan Medium-term Lending Facility (MLF) operation, marking the ninth consecutive month of increased MLF issuance [1][2]. Group 1: MLF Operations - On November 25, the PBOC will conduct a 1 trillion yuan MLF operation with a one-year term, responding to the maturity of 900 billion yuan MLF in November, resulting in a net MLF injection of 1000 billion yuan for the month [1]. - The MLF operations are aimed at addressing potential liquidity tightening, especially with the increase in government bond issuance and the maturity of bank interbank certificates of deposit [1][2]. - Since March, the MLF has adopted a fixed quantity, interest rate bidding, and multiple price bidding method, which better meets the differentiated funding needs of various institutions [2]. Group 2: Monetary Policy Tools - The PBOC has also conducted two rounds of reverse repurchase operations in November, resulting in a total net injection of 500 billion yuan, indicating a continued moderate easing monetary policy stance [2]. - The combined effect of MLF and reverse repurchase operations in November has released a total of 600 billion yuan in medium-term liquidity, maintaining the same net injection scale as the previous month [2]. - The PBOC is expected to continue using both reverse repurchase and MLF tools to inject medium-term liquidity into the market, especially in light of recent macroeconomic fluctuations [3].

央行公告，为保持银行体系流动性充裕，2025年11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10000亿元MLF操作，期限为 1年期。 | | | | 中国人民银行 THE PEOPLE'S BANK OF CHINA | | 货币政策司 Monetary Policy Department | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 信息公开 | 新闻发布 | 法律法规 | 货币政策 | 宏观审慎 | 信贷政策 | 金融市场 | 金融稳定 | 调查统计 | 银行会计 | 支付体系 | | | 金融科技 | 人民币 | 经理国库 | 国际交往 | 人员招录 | 学术交流 | 征信管理 | 反洗钱 | 党建工作 | | | 服务互动 | 政务公开 | 政策解读 | 公告信息 | 图文直播 | 央行研究 | 音频视频 | 市场动态 | 网上展厅 | 报告下载 | 报刊年鉴 | | | 网送文告 | 办事大厅 | 在线申报 | 下载中心 | 网上调查 | 意见征集 | 金融 ...

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 1 trillion yuan Medium-term Lending Facility (MLF) operation on November 25, aimed at maintaining liquidity in the banking system, with a net injection of 100 billion yuan for November due to the maturity of 900 billion yuan MLF [1][2] Group 1: MLF Operations - The MLF operation will be conducted using a fixed quantity, interest rate bidding, and multiple price bidding method, marking the ninth consecutive month of increased MLF operations by the PBOC [1] - The MLF operation is a response to potential liquidity tightening, influenced by factors such as increased government bond financing and the maturity of bank interbank certificates of deposit [1][2] Group 2: Monetary Policy Tools - The PBOC has released a total of 600 billion yuan in mid-term liquidity through MLF and reverse repos in November, maintaining the same net injection scale as the previous month, reflecting a moderately accommodative monetary policy stance [2] - Since March, the MLF has transitioned to a fixed quantity, interest rate bidding, and multiple price bidding approach, allowing better alignment with the diverse funding needs of participating institutions [2] Group 3: Economic Stability - The continuation of MLF operations is expected to support economic stability and growth amid recent fluctuations in macroeconomic performance [3]

央行11月24日公告指出，为保持银行体系流动性充裕，2025年11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10000亿元MLF操作，期限为1年期。 ⭐星标华尔街见闻，好内容不错过 ⭐ 本文不构成个人投资建议，不代表 平台 观点，市场有风险，投资需谨慎，请独立判断和决策。 觉得好看，请点"在看" ...

Core Points - The People's Bank of China issued the eighth and ninth phases of central bank bills through the Hong Kong Monetary Authority's debt instrument central settlement system, using a competitive bidding method [1] Group 1 - The eighth phase of central bank bills had an issuance volume of 30 billion yuan, with a maturity of 3 months (91 days) and a winning bid rate of 1.60% [1] - The ninth phase of central bank bills had an issuance volume of 15 billion yuan, with a maturity of 1 year and a winning bid rate of 1.54% [1]