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。 下载财联社APP获取更多资讯 准确 快速 权威 专业 7x24h电报 头条新闻 VIP资讯 实时盯盘 | | | | 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 ...

Core Viewpoint - To maintain ample liquidity in the banking system, the People's Bank of China will conduct a 1 trillion yuan MLF operation on November 25, 2025, with a one-year term using a fixed amount, interest rate bidding, and multiple price-level bidding methods [1] Group 1 - The operation will involve a total of 1 trillion yuan (approximately 100 billion) [1] - The MLF (Medium-term Lending Facility) operation is aimed at ensuring sufficient liquidity in the banking sector [1] - The bidding method will include fixed amounts and interest rate bidding, allowing for multiple price levels [1]

人民财讯11月24日电，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。 ...

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].

Core Points - The Ministry of Finance and the People's Bank of China conducted a tender for the 2025 Central Treasury Cash Management Commercial Bank Time Deposit on November 24, 2025, with a total bid amount of 120 billion yuan and a winning interest rate of 1.73% [1][2]. Summary by Category - **Tender Details** - Total bid amount: 120 billion yuan [2] - Start date: November 24, 2025 [2] - Maturity date: December 22, 2025 [2] - Winning interest rate: 1.73% [1][2]

Core Points - The central bank and the Ministry of Finance conducted a tender for the 2025 Central Treasury Cash Management Commercial Bank Time Deposit, with a total bid amount of 80 billion yuan [1][2]. Group 1 - The total amount of the tender was 80 billion yuan [2]. - The interest start date for the deposit is November 24, 2025, and the maturity date is December 15, 2025 [2].

Core Insights - The People's Bank of China reported a rapid growth in social financing scale in 2023, with a cumulative increase of 30.9 trillion yuan in the first ten months, which is 3.83 trillion yuan more than the same period last year [1] Financing and Loan Growth - The total social financing stock reached 437.72 trillion yuan by the end of October, reflecting a year-on-year growth of 8.5%, with the balance of loans to the real economy at 267.01 trillion yuan, up 6.3% year-on-year [1] - The growth in loan scale remains reasonable, with a total increase of 14.97 trillion yuan in RMB loans during the first ten months [1] - By the end of October, the balance of both RMB and foreign currency loans was 274.54 trillion yuan, showing a year-on-year increase of 6.3%, while the balance of RMB loans was 270.61 trillion yuan, up 6.5% year-on-year [1] Loan Structure Optimization - The balance of inclusive small and micro loans reached 35.77 trillion yuan, marking an 11.6% year-on-year increase [1] - Long-term loans to the manufacturing sector amounted to 14.97 trillion yuan, reflecting a year-on-year growth of 7.9% [1]

Core Points - The People's Bank of China (PBOC) Governor Pan Gongsheng met with UAE Vice President Mansour and Central Bank Governor Khaled to discuss strengthening bilateral financial cooperation [1] - The launch of the China-UAE payment cooperation project was witnessed, which includes the interconnection of rapid payment systems and the initiation of the "UnionPay-Jaywan" dual-brand card transactions [1] - The multilateral central bank digital currency bridge (JISR) project aims to facilitate cross-border payments, significantly reduce transaction costs, and enable instant payment settlements [1] Group 1 - The China-UAE payment cooperation project marks a significant step in enhancing economic, financial, and technological collaboration between the two countries [1] - The JISR project is expected to expand further by 2026 as more central banks join the platform [1] - The successful interconnection of the UAE's instant payment system with China's online banking payment system allows users to conduct secure and instant fund transfers around the clock [1] Group 2 - The "UnionPay-Jaywan" dual-brand card will be accepted globally in over 180 countries and regions, enhancing its usability for international transactions [1]

Group 1 - The Australian dollar (AUD) appreciated against the US dollar after two days of decline, influenced by the release of the preliminary November PMI data, which showed an increase in manufacturing PMI to 51.6 from 49.7 and services PMI rising from 52.5 to 52.7 [1] - The Reserve Bank of Australia (RBA) is expected to maintain interest rates if economic data continues to exceed expectations, as indicated in the meeting minutes [1][3] - The ASX 30-day bank cash rate futures indicate an 8% probability of a rate adjustment at the next RBA meeting, with the current cash rate at 3.60% [1] Group 2 - The US dollar (USD) depreciated against the Chinese yuan (CNY), with market expectations for a Federal Reserve rate adjustment increasing, as reflected in the CME FedWatch tool showing a rise in the probability of a 25 basis point cut in December from 30% to 36% [2] - The US non-farm payrolls increased by 119,000 in September, surpassing market expectations, while the unemployment rate slightly rose to 4.4% [2] - The People's Bank of China maintained the Loan Prime Rate (LPR) at 3.00% for one year and 3.50% for five years, which may impact the Australian dollar due to trade relations [2] Group 3 - The Australian wage price index grew by 0.8% quarter-on-quarter and 3.4% year-on-year in Q3, aligning with expectations [3] - RBA's November meeting minutes indicated a more balanced policy stance, suggesting that if economic data remains strong, the cash rate may be held steady for a longer period [3] Group 4 - Technically, the AUD/USD is in a sideways consolidation phase, trading around 0.6450, with the first support level at 0.6440 and a lower reference at 0.6414 [5] - The upper resistance levels to watch are the 9-day moving average at 0.6487 and the psychological level at 0.6500, with a potential return to the upper range at 0.6630 if surpassed [5]

Core Viewpoint - The latest Loan Prime Rate (LPR) remains unchanged, with the 1-year LPR at 3.0% and the 5-year LPR at 3.5%, aligning with market expectations and previous values [1][2] Group 1: LPR and Monetary Policy - The People's Bank of China (PBOC) conducted a 300 billion yuan reverse repo operation with a fixed rate of 1.4%, indicating a net liquidity injection of 110 billion yuan after accounting for maturing repos [1] - The stability of the LPR since May 2025 reflects a steady macroeconomic environment, driven by strong export performance and growth in new productive sectors [2][3] - The weighted average interest rate for new corporate loans was reported at 3.1% in October, down approximately 40 basis points year-on-year, while the same rate for personal housing loans was also 3.1%, down about 8 basis points [2] Group 2: Future Outlook - Economic growth momentum is expected to slow down, with recent macro data indicating declines in investment, consumption, and industrial production [3] - There is potential for new monetary easing measures, including interest rate cuts, to stimulate internal financing demand and support economic growth in the fourth quarter of 2025 and the first quarter of 2026 [3] - Regulatory measures may be introduced to lower the 5-year LPR, aiming to reduce the burden of high mortgage rates on residents and stimulate housing market demand [3]