Core Points - The People's Bank of China has announced the Loan Prime Rate (LPR) for November 20, 2025, with a 1-year LPR set at 3.0% and a 5-year LPR at 3.5% [1] Group 1 - The 1-year LPR is established at 3.0% [1] - The 5-year LPR is set at 3.5% [1] - These LPR rates will remain effective until the next announcement [1]

Group 1 - The Loan Prime Rate (LPR) for one year remains at 3.0% and for five years at 3.5%, unchanged for six consecutive months, aligning with expectations [1] - The unchanged LPR is attributed to the stable 7-day reverse repurchase rate at 1.40%, which serves as the basis for LPR pricing [1] - Banks are facing pressure from narrowing interest margins, with the net interest margin at 1.42%, unchanged from the previous quarter but down 10 basis points from the end of last year, reducing the incentive to lower LPR quotes [1] Group 2 - In October, the weighted average interest rate for newly issued corporate loans was 3.1%, down approximately 40 basis points year-on-year, while the rate for personal housing loans was also 3.1%, down about 8 basis points [2] - The decline in financing costs reflects a moderately accommodative monetary policy, indicating ample funding supply [2] - The People's Bank of China (PBOC) aims to focus more on directing financial resources towards key areas such as technological innovation, consumption stimulation, and green initiatives, enhancing policy precision [2] - The PBOC's report emphasizes maintaining reasonable interest rate relationships to reduce speculative capital flows and improve monetary policy transmission [2] - Continued liquidity support is necessary to stabilize market confidence and expectations amid local government debt management and the implementation of new policy tools [2]

Core Viewpoint - The People's Bank of China announced the issuance of the 2026 Chinese Year of the Horse precious metal commemorative coins, which will include 11 coins in total, with an expected increase in investment due to rising gold prices [1][7]. Group 1: Coin Details - The 2026 Year of the Horse commemorative coin set consists of 11 coins: 6 gold coins, 4 silver coins, and 1 platinum coin, all recognized as legal tender in the People's Republic of China [7]. - The design features the national emblem of China on the front, accompanied by traditional auspicious patterns, and includes the country name and year [7]. - This year's coins will include both conventional round shapes and plum blossom-shaped coins, with unique designs on the reverse side, such as silhouettes and paper-cutting motifs [7]. Group 2: Investment Insights - Precious metal zodiac commemorative coins are popular investment choices due to their value retention and cultural significance [15]. - Recent increases in gold and silver prices have led to a rise in the market prices of previously issued commemorative coins, with domestic silver prices surpassing 8 yuan per gram, resulting in a 45% increase in the price of the 1999 Year of the Rabbit silver coin since the beginning of the year [15]. - Investors are advised to prioritize coins with limited issuance and popular themes to enhance profitability, while new investors should be cautious and informed to avoid potential underperformance [15].

人民银行持续呵护市场流动性，近日资金面边际转松，各期限资金利率多数下行。11月20日，上海银行 间同业拆放利率（Shibor）多数品种呈现下行走势，其中隔夜Shibor下行5.6个基点报1.364%；7天Shibor 下行2.7个基点报1.46%。截至11月20日15时15分，DR007加权平均利率报1.5392%，高于政策利率水 平。 "自10月20日LPR公布以来，7天期逆回购利率作为政策利率，一直保持稳定，这意味着11月LPR报价的 定价基础没有发生变化，已在很大程度上预示当月LPR报价会保持不动。"东方金诚首席宏观分析师王 青指出。 北京商报讯（记者廖蒙）新一期贷款市场报价利率（LPR）出炉。11月20日，中国人民银行授权全国银 行间同业拆借中心公布，2025年11月20日贷款市场报价利率（LPR）为：1年期LPR为3.0%，5年期以上 LPR为3.5%。以上LPR在下一次发布LPR之前有效，两大报价均与前值保持一致。 | | 货币政策司 | | 民 视 行 THE PEOPLE'S BANK OF CHINA | | Monetary Policy Department | | | | | | | ...

本月LPR保持不变，整体符合市场预期。同日，人民银行以固定利率、数量招标方式开展了3000亿元7 天期逆回购操作，中标利率为1.4%。公开市场当日有1900亿元逆回购到期，整体实现净投放1100亿 元。 人民银行持续呵护市场流动性，近日资金面边际转松，各期限资金利率多数下行。11月20日，上海银行 间同业拆放利率（Shibor）多数品种呈现下行走势，其中隔夜Shibor下行5.6个基点报1.364%；7天Shibor 下行2.7个基点报1.46%。截至11月20日15时15分，DR007加权平均利率报1.5392%，高于政策利率水 平。 "自10月20日LPR公布以来，7天期逆回购利率作为政策利率，一直保持稳定，这意味着11月LPR报价的 定价基础没有发生变化，已在很大程度上预示当月LPR报价会保持不动。"东方金诚首席宏观分析师王 青指出。 北京商报讯（记者 廖蒙）新一期贷款市场报价利率（LPR）出炉。11月20日，中国人民银行授权全国 银行间同业拆借中心公布，2025年11月20日贷款市场报价利率（LPR）为：1年期LPR为3.0%，5年期以 上LPR为3.5%。以上LPR在下一次发布LPR之前有效，两大报 ...

Core Viewpoint - The People's Bank of China (PBOC) is set to issue two new central bank bills in Hong Kong to enhance the availability of high-credit-rated RMB financial products and improve the RMB yield curve in Hong Kong [2][3]. Group 1: Central Bank Bills Issuance - The PBOC will issue the eighth and ninth phases of central bank bills on November 24, 2025, through the Hong Kong Monetary Authority's Central Maturity Unit (CMU) bond bidding platform [2][3]. - The eighth phase of the central bank bill has a term of 3 months (91 days), with a total issuance amount of RMB 30 billion, starting from November 26, 2025, and maturing on February 25, 2026 [3]. - The ninth phase has a term of 1 year, with an issuance amount of RMB 15 billion, starting from November 26, 2025, and maturing on November 26, 2026 [3][4]. Group 2: Auction Details - Both phases of the central bank bills will have a face value of RMB 100 and will be issued using a Dutch auction method, with the bidding focused on the interest rate [4].

着眼于稳定今年四季度和明年一季度经济运行，稳增长政策如何接续发力？ 央行在三季度货币政策执行报告专栏中提出，"保持合理的利率比价关系"。董希淼认为，这表明，央行 将审慎对待利率变化，引导市场减少资金空转套利，畅通货币政策传导，增强政策的有效性。未来一段 时间，适度宽松的货币政策虽还有一定实施空间，但边际效率已经明显下降。过度放松货币金融条件可 能产生的一些负面效果也需要关注，比如资金空转、资本市场波动加大等。因此，市场应降低对下一步 大幅度降准降息的预期。 银行息差缩窄压力仍然不小，当前报价行缺乏主动下调LPR报价加点的动力。三季度末商业银行净息差 为1.42%，尽管与二季度末持平，但较去年四季度末下降了10个基点。 招联首席研究员董希淼认为，综合融资成本下降是货币条件比较宽松的重要体现。近年来企业和居民融 资成本低位下行，说明货币条件比较宽松、资金供给比较充裕。在这种情况下，引导LPR下降并非当务 之急。 东方金诚首席宏观分析师王青认为，6月以来LPR报价一直按兵不动，背后的根本原因是受年初以来出 口超预期、国内新质生产力领域较快发展等推动，宏观经济走势稳中偏强，逆周期调节需求相应下降， 货币政策保持较强定 ...

Core Viewpoint - The People's Bank of China announced the issuance of a set of precious metal commemorative coins on November 26, 2026, celebrating the Year of the Horse, which includes 11 coins made of gold, silver, and platinum [1]. Group 1: Coin Specifications - The set includes 6 gold coins, 4 silver coins, and 1 platinum coin, all recognized as legal tender in the People's Republic of China [1]. - The 10 kg round gold coin is a proof coin containing 10 kg of pure gold, with a diameter of 180 mm, a face value of 100,000 yuan, and a purity of 99.9%, with a maximum issuance of 18 pieces [5]. - Other notable coins include: - 1 kg plum-shaped gold coin: 1 kg of pure gold, face value of 10,000 yuan, maximum issuance of 118 pieces [5]. - 500 g round gold coin: 500 g of pure gold, face value of 5,000 yuan, maximum issuance of 500 pieces [5]. - 150 g round gold coin: 150 g of pure gold, face value of 2,000 yuan, maximum issuance of 1,000 pieces [5]. - 15 g plum-shaped gold coin: 15 g of pure gold, face value of 200 yuan, maximum issuance of 8,000 pieces [5]. - 3 g round gold coin: 3 g of pure gold, face value of 50 yuan, maximum issuance of 120,000 pieces [5]. - 1 kg round silver coin: 1 kg of pure silver, face value of 300 yuan, maximum issuance of 5,000 pieces [5]. - 150 g round silver coin: 150 g of pure silver, face value of 50 yuan, maximum issuance of 8,000 pieces [6]. Group 2: Coin Designs - The obverse of all coins features the national emblem of the People's Republic of China, surrounded by traditional auspicious patterns, along with the country name and year [3]. - The reverse design of the 10 kg round gold coin depicts a galloping horse, complemented by cloud, mountain, and water patterns, along with the inscription "Bing Wu" and the face value [3]. - Other reverse designs include: - 1 kg plum-shaped gold coin: galloping horse design with mountain and cloud patterns [4]. - 500 g round gold coin: decorative horse head design with cloud patterns [4]. - 150 g round gold coin: mother and child horse design with mountain, grassland, and cloud patterns [4]. - 15 g plum-shaped gold coin: galloping horse silhouette [4]. - 3 g round gold coin: decorative horse design with cloud patterns [4]. - 1 kg round silver coin: decorative double horse design [4]. - 150 g round silver coin: galloping horse design with mountain and water patterns [4]. - 30 g plum-shaped silver coin: decorative horse design [6]. - 15 g round silver coin: decorative horse design with cloud patterns [6]. - 15 g round platinum coin: paper-cut horse design with monkey and floral patterns [6].

Core Points - The People's Bank of China (PBOC) will issue 450 billion yuan in central bank bills in Hong Kong on November 24, 2025, consisting of two tranches [1][4] - The issuance aims to enrich high-credit-rated RMB financial products in Hong Kong and improve the RMB yield curve [4][5] Group 1: Issuance Details - The first tranche (the eighth issue) will have a term of 3 months (91 days), with a fixed interest rate and a total issuance of 300 billion yuan, maturing on February 25, 2026 [4] - The second tranche (the ninth issue) will have a term of 1 year, also with a fixed interest rate, totaling 150 billion yuan, maturing on November 26, 2026 [4] - Both tranches will be issued at a face value of 100 yuan each, using a Dutch auction method [4] Group 2: Market Impact - The issuance of offshore RMB central bank bills helps regulate offshore RMB liquidity and is a key tool for the central bank's exchange rate stabilization policy [5] - Previous issuances in 2023 have been well-received, with bidding multiples generally exceeding 2 times, indicating strong interest from various types of investors [5] - The issuance is seen as a means to communicate with the market and stabilize expectations amid ongoing global trade uncertainties [5] Group 3: Monetary Policy Context - The PBOC's recent monetary policy report emphasizes maintaining a managed floating exchange rate system and ensuring the RMB exchange rate remains stable at a reasonable level [6] - The central bank also conducted a 300 billion yuan reverse repurchase operation, indicating active liquidity management in the market [6]

Core Viewpoint - The People's Bank of China (PBOC) will issue 450 billion RMB in two phases of central bank bills in Hong Kong on November 24, 2025, to enhance the offshore RMB financial product offerings and improve the RMB yield curve in Hong Kong [2][3]. Group 1: Issuance Details - The eighth phase of the central bank bill has a term of 3 months (91 days), with a fixed interest rate and a total issuance of 300 billion RMB, starting from November 26, 2025, and maturing on February 25, 2026 [4]. - The ninth phase of the central bank bill has a term of 1 year, also with a fixed interest rate, with a total issuance of 150 billion RMB, starting from November 26, 2025, and maturing on November 26, 2026 [4]. Group 2: Market Impact - The issuance of these central bank bills is expected to regulate offshore RMB liquidity and is a crucial tool for the PBOC's exchange rate stabilization policy. The bills have been well-received by various types of investment institutions, with bidding multiples generally exceeding 2 times [5]. - The issuance of offshore central bank bills helps to enrich RMB investment options in the offshore market, enhancing the stability and safety of investors' asset allocations, especially amid ongoing global trade uncertainties [5]. - The PBOC has established a regular mechanism for issuing central bank bills in Hong Kong, which is significant for consolidating Hong Kong's status as an international financial center and promoting the internationalization of the RMB [5].