Core Viewpoint - The central bank conducted a 137.8 billion yuan reverse repurchase operation with a 7-day term at an interest rate of 1.40%, unchanged from the previous operation [1] Group 1 - The central bank's reverse repurchase operation amount was 137.8 billion yuan [1] - The term for the reverse repurchase operation is 7 days [1] - The interest rate for the operation remains at 1.40%, consistent with the last operation [1]

2025年10月9日，为维护银行体系流动性合理充裕，中国人民银行以利率招标方式开展11000 亿元3个月期买断式逆回购操作。鉴于10月份有8000亿元同期限逆回购到期，此次操作实现净 投放3000亿元中期流动性。央行开展如此大规模的逆回购操作，不仅是技术上的流动性管理， 更具有深刻的政策信号意义。这一操作清晰释放出央行积极应对潜在流动性缺口、稳固资金面 的明确信号，蕴含着稳增长、稳预期与防风险的多重考量。 央行选择在节后首个工作日立即出手，是对10月份乃至第四季度复杂流动性形势的前瞻性、针 对性应对，凸显了在复杂内外环境下货币政策精准调控、有的放矢的取向。这次操作背后，皆 在应对资金面潜在三重收紧压力。 首先，政府债券较大规模发行引起市场资金趋紧。 9月份全国共发行地方债12843亿元，净融 资额为11056亿元，发行量和净融资额均创年内新高。按照计划，今年新增地方债和超长期特 别国债均在10月份发行完毕，将继续吸纳市场资金。央行开展逆回购操作，精准地对冲政府债 券大规模发行带来的流动性压力，这是货币政策与财政政策协同、稳定市场预期的关键之举。 其次，政策性工具发力引致资金需求上升。 9月29日，国家发改委宣 ...

10月11日央行开展1160亿元7天期逆回购操作 中新网10月11日电 据央行网站消息，2025年10月11日中国人民银行以固定利率、数量招标方式开展了1160亿元7天期逆回购操作。 具体情况如下： | | 逆回购操作情况 | | | | --- | --- | --- | --- | | 期限 | 操作利率 | 投标量 | 中标量 | | 7天 | 1.40% | 1160亿元 | 1160亿元 | 来源：中国新闻网 编辑：张澍楠 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 截图自央行网站 ...

Core Points - The People's Bank of China conducted a reverse repurchase operation of 409 billion yuan for a 7-day term at a fixed interest rate of 1.40% on October 10, 2023 [1][3] Summary by Category Reverse Repo Operation - The operation involved a total bid amount of 409 billion yuan, which was also the amount awarded [1] - The interest rate for this 7-day reverse repo operation was set at 1.40% [1]

Core Viewpoint - The central bank conducted a reverse repurchase operation of 4,090 billion yuan for a duration of 7 days, maintaining the operation interest rate at 1.4% [1] Group 1 - The total bidding amount for the reverse repurchase operation was 4,090 billion yuan, which matched the amount awarded [1] - The operation interest rate remained unchanged at 1.4%, consistent with previous rates [1]

Core Points - The central bank conducted a reverse repurchase operation of 612 billion yuan for a 7-day term at an interest rate of 1.40% [1] - A total of 2,063.3 billion yuan in reverse repos is set to mature today [1] Group 1 - The central bank's operation indicates a liquidity management strategy in response to the upcoming maturity of reverse repos [1] - The interest rate of 1.40% reflects the current monetary policy stance aimed at stabilizing the financial market [1]

Core Viewpoint - The People's Bank of China conducted a reverse repurchase operation of 612 billion yuan for a 7-day term at a fixed interest rate of 1.40% on October 9, 2025 [1] Group 1: Reverse Repo Operation Details - The operation involved a total bidding amount of 612 billion yuan, which was fully accepted [1] - The interest rate for the 7-day reverse repo operation was set at 1.40% [1] - The operation was conducted through a fixed rate and quantity bidding method [1]

Macroeconomic Insights - In October, China's manufacturing Purchasing Managers' Index (PMI) rose to 50.1%, an increase of 0.3 percentage points from the previous month, marking a return to the expansion zone after five consecutive months below 50% [1] - The People's Bank of China conducted a 500 billion yuan reverse repurchase operation to maintain reasonable liquidity in the banking system, alongside a net purchase of 200 billion yuan in government bonds throughout the month [1] - China and the U.S. engaged in constructive discussions regarding macroeconomic and monetary policies, with China outlining a package of policies to support stable economic growth [1] - The U.S. core Personal Consumption Expenditures (PCE) price index for September remained unchanged at 2.7% year-on-year, with a monthly increase of 0.3% [1] Commodity Market Movements - Domestic commodity futures closed mostly lower, with energy and chemical products showing mixed results; low-sulfur fuel oil rose by 1.06%, while pure soda fell by 2.42% [3] - International oil prices saw an overall increase, with WTI crude oil for December rising by 2.8% to $70.53 per barrel, and Brent crude for January 2025 increasing by 2.51% to $73.97 per barrel [3] - International precious metals futures generally declined, with COMEX gold futures down by 1.67% to $2754.1 per ounce, and COMEX silver futures down by 3.74% to $32.8 per ounce [3][4] Steel Industry Insights - The steel industry PMI for October was reported at 54.6%, a rise of 5.6 percentage points, indicating a return to expansion after 19 months [7] - Mysteel reported a decrease in rebar production and an increase in social inventory, with rebar social inventory at 2.8257 million tons, up by 3.83 thousand tons [7] Agricultural Products Insights - Chinese enterprises have been slow to purchase U.S. soybeans for December shipment due to uncertainties surrounding the U.S. election and potential trade tensions [8] - The sugar production forecast for Guangxi in the 2024/2025 season is optimistic, with expected sugar production between 6.67 million and 7.2 million tons [8] - Brazil's sugar export waiting ships decreased to 59, with a total of 232.18 million tons of sugar waiting for shipment [9] Energy and Chemical Industry Insights - The Ministry of Industry and Information Technology issued guidelines prohibiting new cement and flat glass projects without capacity replacement plans [14] - Domestic pure soda inventory reached 1.6777 million tons, a week-on-week increase of 2.74%, marking a 226.97% year-on-year increase [14] - U.S. natural gas inventories increased by 78 billion cubic feet, with a year-on-year increase of 1,070 billion cubic feet [15] Metal Market Insights - National aluminum oxide inventory decreased to 3.846 million tons, with ongoing low inventory levels despite recent price adjustments [16] - Citigroup predicts that gold prices could rise to $3,000 per ounce in the next six months due to a deteriorating U.S. job market and increased demand for gold ETFs [16]

Core Viewpoint - The People's Bank of China (PBOC) has significantly increased liquidity injections in response to the upcoming holidays and the end of the quarter, indicating a proactive approach to manage market liquidity [1] Group 1: Reverse Repo Operations - On September 30, the PBOC conducted a 7-day reverse repo operation amounting to 242.2 billion yuan at an interest rate of 1.4% [1] - On the previous day, the PBOC executed a 7-day reverse repo operation of 288.6 billion yuan, also at an interest rate of 1.4%, resulting in a net injection of 48.1 billion yuan due to 240.5 billion yuan maturing [1] - From September 22 to September 30, the PBOC conducted a total of 31.799 trillion yuan in reverse repo operations, with 23.434 trillion yuan maturing, leading to a net injection of 836.5 billion yuan [1] Group 2: Increased Liquidity Measures - Since late September, the PBOC has ramped up liquidity measures, including the reintroduction of 14-day reverse repo operations, with an initial injection of 300 billion yuan on September 22, which was later increased to 600 billion yuan on September 26 [1] - The increase in liquidity measures is attributed to the dual holiday of National Day and Mid-Autumn Festival, alongside the quarter-end, highlighting the central bank's strategy to ensure sufficient liquidity in the financial system [1]

Group 1 - The People's Bank of China announced a reverse repurchase operation of 1.1 trillion yuan to maintain ample liquidity in the banking system [1] - The operation will be conducted on October 9, 2025, with a term of 3 months (91 days) [1] - The reverse repurchase will be executed through a fixed quantity, interest rate bidding, and multiple price winning method [1]