Core Viewpoint - The central bank reported the liquidity provision situation for January 2026, highlighting various monetary policy tools and their net injections or withdrawals [1] Group 1: Monetary Policy Tools - In January, the Medium-term Lending Facility (MLF) had a net injection of 700 billion yuan [1] - The Standing Lending Facility (SLF) recorded a net withdrawal of 79 billion yuan [1] - Other structural monetary policy tools had a net injection of 64.1 billion yuan [1] Group 2: Open Market Operations - In January, the net injection from open market operations included 100 billion yuan from government bond transactions [1] - The 7-day reverse repurchase agreements had a net injection of 167.8 billion yuan [1] - The central treasury cash management saw a net withdrawal of 60 billion yuan, while other term reverse repos had a net injection of 100 billion yuan [1]

Core Viewpoint - The People's Bank of China (PBOC) has released liquidity injection data for January 2026, indicating a mixed approach to monetary policy with significant net injections through various tools [1] Group 1: Monetary Policy Tools - In January, the Medium-term Lending Facility (MLF) saw a net injection of 700 billion yuan [1] - The Standing Lending Facility (SLF) recorded a net withdrawal of 79 billion yuan [1] - Other structural monetary policy tools had a net injection of 641 billion yuan [1] Group 2: Open Market Operations - The net injection from open market operations included 100 billion yuan from government bond transactions [1] - A net injection of 1,678 billion yuan was recorded from 7-day reverse repos [1] - Central treasury cash management showed a net withdrawal of 600 billion yuan, while other term reverse repos had a net injection of 1,000 billion yuan [1]

Group 1 - The Ministry of Finance and the People's Bank of China conducted a tender for the 2026 Central Treasury Cash Management Commercial Bank Time Deposits (Phase 1) on January 28, 2026, using a rate bidding and single price method [1][2] - The total amount awarded in the tender was 150 billion yuan, with a winning interest rate of 1.73% [1][2]

Group 1 - The Ministry of Finance announced the implementation of the first phase of central treasury cash management time deposits for 2026, with a planned deposit amount of 150 billion yuan [1] - The deposit period is set for one month, starting from January 28, 2026, and ending on February 25, 2026 [1] - The bidding for the deposits will take place on January 28, 2026, from 9:00 AM to 9:30 AM, through the central treasury cash management commercial bank time deposit bidding system [1]

Core Viewpoint - The People's Bank of China (PBOC) and the Ministry of Finance announced a tender for central treasury cash management deposits to enhance the efficiency of cash usage and improve coordination between fiscal and monetary policies [1][2] Group 1: Announcement Details - The tender will take place on January 28, 2026, from 9:00 to 9:30 AM [1][2] - The operation amount for this round is set at 150 billion yuan, with a term of one month (28 days) [1][2] - The interest will start accruing on January 28, 2026, and the maturity date is February 25, 2026, with adjustments for holidays [1][2] - The tender will utilize a rate bidding and single price winning method for participating banks in the central treasury cash management deposit business [1][2]

Core Viewpoint - The Ministry of Finance and the People's Bank of China are conducting a tender for central treasury cash management commercial bank time deposits to enhance the efficiency of cash usage and strengthen the coordination between fiscal and monetary policies [1] Group 1 - The tender is scheduled for January 28, 2026, from 9:00 to 9:30 AM [1] - The operation volume for this tender is set at 150 billion yuan, with a maturity period of one month (28 days) [1] - The interest rate will be determined through a bidding process, and the winning bid will be at a single price level [1] Group 2 - The interest accrual date for the deposits is January 28, 2026, and the maturity date is February 25, 2026, with adjustments for holidays [1]

Group 1 - The Ministry of Finance and the People's Bank of China will conduct a tender for the 13th phase of central treasury cash management commercial bank time deposits on December 26, 2025, with an operation volume of 150 billion yuan and a term of 1 month (28 days) [1] - The interest rate bidding will be conducted using a single price method for participating banks in the central treasury cash management commercial bank time deposit business [1] - The 14th phase of the same tender will also take place on December 26, 2025, with an operation volume of 60 billion yuan and a term of 14 days [1] Group 2 - The start date for the 13th phase deposits is December 26, 2025, and the maturity date is January 23, 2026, with adjustments for holidays [1] - The 14th phase deposits will start on the same date, December 26, 2025, and will mature on January 9, 2026, also with holiday adjustments [1] - The 14th phase will utilize a multi-price bidding method for the interest rate [1]

Core Viewpoint - The central bank announces a tender for the 14th phase of central treasury cash management commercial bank time deposits, aimed at improving the efficiency of cash usage and enhancing coordination between fiscal and monetary policies [1] Group 1: Tender Details - The tender will take place on December 26, 2025, from 9:50 to 10:20 AM [1] - The operation amount for this phase is set at 60 billion yuan, with a term of 14 days [1] - The interest rate will be determined through a bidding process, utilizing a multi-price bidding method [1] Group 2: Operational Guidelines - The tender will be conducted in accordance with the "Central Treasury Cash Management Commercial Bank Time Deposit Business Operation Regulations" and the "Central Treasury Cash Management Commercial Bank Time Deposit Tender Rules" [1] - The start date for the deposits is December 26, 2025, and the maturity date is January 9, 2026, with adjustments for holidays [1]

Core Points - The Ministry of Finance has announced the implementation of the 11th and 12th phases of central treasury cash management time deposits for 2025 [1] Group 1: Deposit Details - The 11th phase deposit has a term of 1 month with a planned deposit amount of 120 billion yuan, starting from November 24, 2025, and maturing on December 22, 2025 [1] - The 12th phase deposit has a term of 21 days with a planned deposit amount of 80 billion yuan, starting from November 24, 2025, and maturing on December 15, 2025 [1] Group 2: Auction Process - The auction for the 11th phase deposit is scheduled from 9:00 AM to 9:30 AM on November 24, while the auction for the 12th phase deposit is set from 9:50 AM to 10:20 AM on the same day [1] - The auctions will be conducted through the central treasury cash management commercial bank time deposit bidding system, targeting banks participating in the central treasury cash management time deposit business [1]

Core Viewpoint - The Ministry of Finance and the People's Bank of China are conducting a tender for the 2025 Central Treasury Cash Management Commercial Bank Time Deposit (Phase 11) to enhance the efficiency of cash usage and improve coordination between fiscal and monetary policies [1] Group 1 - The tender is scheduled for November 24, 2025, from 9:00 to 9:30 AM [1] - The operation volume for this tender is set at 120 billion yuan, with a maturity period of one month (28 days) [1] - The interest rate will be determined through a bidding process, using a single price method for participating banks [1]