来源：中国人民银行网站 中国人民银行官网12日发布消息，为保持银行体系流动性充裕，2025年9月15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6000亿元买断式逆回购操作，期限为 6个月（182天）。 发 生 了 什 么 ？ 莫 斯 科 证 券 交 易 所，暂 停 股 票 交 易！刚 刚，最 新 消 息 来 了 ...

北京商报讯（记者 岳品瑜 董晗萱）9月12日，据人民银行官网，为保持银行体系流动性充裕，2025年9 月15日，人民银行将以固定数量、利率招标、多重价位中标方式开展6000亿元买断式逆回购操作，期限 为6个月（182天）。 ...

人民财讯9月12日电，为保持银行体系流动性充裕，2025年9月15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6000亿元买断式逆回购操作，期限为6个月(182天)。 ...

每经AI快讯，为保持银行体系流动性充裕，2025年9月15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6000亿元买断式逆回购操作，期限为6个月(182天)。 ...

Core Viewpoint - The recent decline in government bond futures has led to increased expectations for the People's Bank of China (PBOC) to resume government bond trading operations, particularly in the fourth quarter, to release medium- to long-term funds and improve market sentiment [1][2]. Group 1: Market Conditions - The yields on 10-year and 30-year government bonds have fallen below 1.8% and 2.1%, respectively, indicating a significant rise in yields since the beginning of the year [1]. - The bond market sentiment is currently bearish, with the 10-year government bond yield recently rising to around 1.8% [2]. - The PBOC has suspended government bond trading operations for eight consecutive months, leading to a notable shift in the bond market compared to earlier in the year [2]. Group 2: PBOC Operations - The PBOC's resumption of government bond trading is seen as having suitable conditions, although the urgency is not strong at the moment [1][6]. - The PBOC has previously indicated that it would consider resuming operations based on market supply and demand conditions [1]. - The PBOC's operations are primarily aimed at managing liquidity and influencing government bond yield trends [2][3]. Group 3: Analyst Perspectives - Analysts believe that the resumption of government bond trading could stabilize bond prices and mitigate negative feedback loops from large-scale redemptions of wealth management products [6]. - Some analysts argue that the PBOC's bond trading operations are more flexible and effective compared to other liquidity management tools like reverse repos [5]. - The current market dynamics suggest that the resumption of bond trading may not fundamentally alter the interest rate trends, as the core factors are related to the stock-bond valuation relationship [6].

Group 1 - The core viewpoint of the articles indicates that the People's Bank of China (PBOC) is expected to restart government bond trading operations, with conditions becoming suitable for such actions in the fourth quarter of the year [1][2][3] - The current market sentiment is low, with 10-year and 30-year government bond yields recently falling below 1.8% and 2.1% respectively, prompting speculation about the PBOC's intervention [1][2] - The PBOC has maintained a pause on government bond trading for eight consecutive months, during which the 10-year bond yield has risen to around 1.8%, indicating a significant shift in the bond market compared to earlier in the year [2][3] Group 2 - The PBOC's operations in the bond market are primarily aimed at liquidity management and injecting base currency, which inevitably influences government bond yield trends [3][4] - Analysts suggest that the PBOC's potential resumption of bond trading could stabilize bond prices and mitigate negative feedback loops caused by large-scale redemptions of wealth management products [5] - Despite the anticipation of the PBOC's actions, it is noted that the resumption of bond trading may not fundamentally determine the trend of bond yields, as the core factors are related to the relative value between stocks and bonds [5]

Group 1 - The People's Bank of China conducted a 30.4 billion yuan 7-day reverse repurchase operation, resulting in a net injection of 74.9 billion yuan after 22.91 billion yuan of reverse repos matured on the same day [1] - Current monetary policy management is focused on flexible use of various policy tools to stabilize market expectations and meet reasonable liquidity demands [1] Group 2 - Major interbank interest rate bond yields rose sharply, with the 10-year government bond yield increasing by 1.75 basis points to 1.8125% and the 30-year government bond yield rising by 2.25 basis points to 2.0925% [2] - Market sentiment is heavily influenced by policy expectations, liquidity, and marginal changes in macroeconomic data, with a general upward trend in bond yields indicating reduced appetite for bond assets [2] Group 3 - COMEX gold prices surpassed the 3,700 USD per ounce mark for the first time, reaching a historical high of 3,702.1 USD per ounce, driven by increased demand for risk hedging and safe-haven assets [3] - The surge in gold prices is likely influenced by global geopolitical tensions, rising inflation expectations, and uncertainties in monetary policy [3] Group 4 - The release of the national standard for "Individual Business Credit Evaluation Indicators" aims to enhance credit evaluation mechanisms for individual businesses, facilitating better access to financing [4] - This standard is expected to help financial institutions develop tailored financial products and services for individual businesses, thereby expanding their loan scale and improving loan precision and convenience [4]

Group 1 - The People's Bank of China (PBOC) will conduct a 1 trillion yuan reverse repurchase operation with a 3-month term to maintain liquidity in the banking system [2][3] - As of September 5, there will be a net withdrawal of 300 billion yuan due to the maturity of 6-month reverse repos [3][4] - Analysts expect the PBOC to continue its reverse repo operations to address liquidity tightening, especially with high government bond issuance and significant maturity of interbank certificates of deposit [4] Group 2 - The MLF (Medium-term Lending Facility) maturity in September is estimated at 300 billion yuan, with expectations for slight net injections [4] - There is a possibility of additional 6-month reverse repo operations in September to manage liquidity pressures [4] - Analysts predict that the PBOC may implement a reserve requirement ratio (RRR) cut in the fourth quarter to support credit growth and economic stability [4]

Core Viewpoint - The People's Bank of China (PBOC) is implementing a 1 trillion yuan reverse repurchase operation to maintain liquidity in the banking system, indicating a proactive approach to manage potential liquidity tightening in September [1] Group 1: Monetary Policy Actions - On September 5, the PBOC conducted a 1 trillion yuan buyback reverse repo operation with a term of 3 months (91 days) [1] - There is an equal amount of 1 trillion yuan in 3-month reverse repos maturing this month, indicating a rollover of liquidity support [1] - An additional 300 billion yuan in 6-month reverse repos is set to mature in September, suggesting ongoing liquidity management [1] Group 2: Market Conditions and Expectations - The month of September is expected to see a peak in government bond issuance, with commercial banks facing a maturity of 3.5 trillion yuan in interbank certificates of deposit, the second-highest level this year [1] - The strengthening stock market and noticeable "deposit migration" among residents may contribute to a tightening effect on liquidity [1] - The PBOC is likely to continue its previous strategy of increasing reverse repo operations to counteract liquidity tightening [1] Group 3: Future Projections - The PBOC may also increase the volume of Medium-term Lending Facility (MLF) operations, with 300 billion yuan maturing in September [1] - This approach aims to inject medium-term liquidity into the market, stabilizing market expectations and supporting government bond issuance [1] - The use of both MLF and reverse repo tools signals a sustained supportive stance in monetary policy [1]

Core Viewpoint - The People's Bank of China (PBOC) announced a 1 trillion yuan reverse repo operation to maintain liquidity in the banking system, scheduled for September 5, 2025, with a term of 3 months [1] Group 1: Liquidity Operations - The PBOC will conduct a fixed quantity, interest rate bidding, multi-price reverse repo operation amounting to 1 trillion yuan [1] - In September, a total of 1.6 trillion yuan in medium to long-term liquidity will mature, including 1 trillion yuan from 3-month reverse repos, 300 billion yuan from 6-month reverse repos, and 300 billion yuan from 1-year MLF [1] - The operation on September 5 is equivalent to a rollover of the 3-month reverse repo maturing on the same day [1]