哈塞特表示美联储应在下周会议上降息，并预计降息幅度为25个基点。目前正值特朗普准备提名新任美 联储主席之际，市场对货币政策走向的关注度骤升。 周四，"影子联储主席"、白宫国家经济委员会主任哈塞特（Kevin Hassett）在接受Fox News采访时表 示，从美联储理事和地区联储主席近期的表态来看，"他们现在似乎更倾向于降息"。他强调自己希望在 长期内"实现更低的利率水平"，并表示如果市场就25个基点形成共识，"我会接受"。 特朗普本周早些时候表示，计划在2026年初宣布美联储主席人选，并已确定最终候选人。他近日多次公 开称赞哈塞特，并在白宫活动中暗示其可能获得提名。若提名推进，特朗普盟友正讨论将哈塞特目前的 职位交由财政部长贝森特兼任。 不过，德银认为即使哈塞特上任，实际执行降息仍面临重重障碍。到2026年中期，美国经济基本面可能 不支持大幅降息，加上美联储内部鹰派阻力，激进宽松政策难以实现。 长期宽松目标与短期现实妥协 哈塞特在采访中明确表达了对更低利率水平的长期追求，但同时展现出务实态度。他表示，如果联邦公 开市场委员会围绕25个基点形成共识，他愿意接受这一幅度。 被问及若获提名将追求多少次额外降息时 ...

Group 1 - Eurozone retail sales data for October showed a year-on-year growth of 1.5%, exceeding market expectations of 1.3%, indicating some resilience in consumer demand [1][2] - However, month-on-month retail sales remained flat at 0.0%, suggesting a temporary halt in growth momentum [1] - The internal growth structure revealed a divergence, with food, beverage, and tobacco sales increasing by 0.3% month-on-month, while non-food sales (excluding automotive fuel) decreased by 0.2% [2] Group 2 - The annual growth rate for non-food products (excluding automotive fuel) was 2.1%, significantly higher than the 0.9% for food products, indicating relatively strong discretionary spending [3] - The data reflects a complex picture of the Eurozone consumer market under inflationary pressures and high interest rates, with overall demand not collapsing but growth momentum clearly weakening [3] - European Central Bank (ECB) officials expressed satisfaction with current policy settings, indicating no immediate need for further rate cuts, as inflation appears to be under control [3] Group 3 - In the U.S., initial jobless claims fell to a three-year low of 191,000, suggesting employers are still trying to retain employees despite recent layoffs [4][5] - The four-week moving average of new claims dropped to 214,750, the lowest level since January, indicating limited actual layoffs and easing concerns about a rapidly deteriorating labor market [5] - Despite a recent surge in announced layoffs, the actual number of layoffs remains low, providing some reassurance to market sentiment [5] Group 4 - Challenger, Gray & Christmas reported that U.S. employers announced 71,321 layoffs in November, a 53% decrease from the previous month, but still the highest level for November since 2022 [8] - The total planned layoffs for the first eleven months of the year reached approximately 1.171 million, a 54% increase year-on-year, marking the highest annual total since the pandemic [8] - The contrast between increased layoff plans and a lack of corresponding rises in unemployment claims indicates a "no layoff, no hiring" state in the labor market [9] Group 5 - In Ireland, revised domestic demand grew by 2.3% quarter-on-quarter, driven by an 8.3% surge in investment, despite a slight GDP decline of 0.3% [18] - Hungary announced an 11% increase in the minimum wage to combat economic stagnation and political pressure, which may lead to increased costs for businesses [18] - The ECB reiterated its commitment to maintaining a stable exchange rate and monitoring internal demand, with a focus on achieving inflation targets [19]

Group 1 - New Zealand's construction costs are showing signs of upward pressure, with average costs for standard residential construction in major cities rising by 0.5% over the last three months, marking an annual increase of 1.1% [1][21] - The most significant increases in construction costs are observed in structural timber (up 5.2%), cladding systems (up 5.0%), and concrete (up 4.5%) [1] - The rise in costs is attributed to early signs of cost pressure returning, as indicated by construction surveyors [1][21] Group 2 - A report indicates that 777 companies went bankrupt in the third quarter, a 5% increase from the previous quarter, highlighting ongoing structural challenges in the economy [1][2] - The construction industry has the highest number of bankruptcies at 192, although its failure rate is relatively low compared to its economic size [2] - Industries such as transportation, distribution, and manufacturing are experiencing the largest increases in bankruptcy numbers due to rising costs and weak demand [3] Group 3 - New Zealand's local government tax rate cap proposal has raised concerns among credit rating agencies, particularly Standard & Poor's, regarding its potential negative impact on the financial stability and credit ratings of local governments [4] - The proposal aims to set an annual increase cap for local council tax rates between 2% and 4%, which could limit councils' ability to repay debts and invest in critical infrastructure [4][21] - Local government leaders have criticized the proposal, arguing it could lead to deterioration of municipal assets and limit borrowing capacity for essential projects [4] Group 4 - In the U.S., initial jobless claims fell to a three-year low, indicating that employers are still trying to retain employees despite recent layoffs [5][6] - The number of initial jobless claims decreased by 27,000 to 191,000, which is below market expectations [6][7] - Despite a wave of layoffs, the data suggests that actual layoffs remain limited, alleviating concerns about a rapid deterioration in the labor market [7][8] Group 5 - U.S. companies announced a significant drop in planned layoffs in November, with a 53% decrease to 71,321, although this remains the highest level for November since 2022 [10][11] - The total number of planned layoffs for the first 11 months of the year reached approximately 1.171 million, a 54% increase year-on-year, marking the highest annual level since the pandemic [10][11] - The contrast between increased layoffs and a lack of corresponding rises in unemployment claims indicates a stagnation in the labor market [11] Group 6 - New Zealand's housing market is facing dual pressures from stagnation in the real estate market and weaker-than-expected government finances [21][22] - The median residential value in New Zealand remained flat in November at NZD 806,561, with a year-on-year decline of 0.73% [21] - The government is experiencing a core tax revenue shortfall of NZD 6 billion compared to expectations, primarily due to weaker corporate and personal tax revenues [22]

Group 1 - The monetary policy's counter-cyclical adjustment effects are gradually becoming evident, with reasonable growth in financial totals and low social financing costs [1] - In the first ten months of 2025, the cumulative increase in social financing scale reached 30.9 trillion yuan, an increase of 3.83 trillion yuan compared to the same period last year [1] - The increase in RMB loans for the first ten months was 14.97 trillion yuan, with November's new RMB loans expected to be around 600 billion yuan, showing a seasonal rebound [1][2] Group 2 - The high票据利率 in mid-November indicates strong credit issuance, with expectations for November's票据融资增量 to remain high [2] - The total social financing for November is projected to be around 2.2 trillion yuan, with a slight year-on-year decrease of about 1 billion yuan due to offsetting factors in government and corporate bond financing [2] - The broad money (M2) balance at the end of October was 335.13 trillion yuan, with a year-on-year growth of 8.2%, indicating a supportive monetary policy stance [3]

Core Insights - Visa has announced plans to operate in Syria following an agreement with the Central Bank of Syria to develop a digital payment ecosystem [1][2] - The focus will be on collaborating with licensed financial institutions to establish a robust and secure payment infrastructure, including the issuance of payment cards and the launch of digital wallet services based on global standards [1][2] Group 1: Visa's Initiatives - Visa aims to build a secure payment foundation in Syria by working with licensed financial institutions [1][2] - The company plans to issue payment cards and introduce digital wallet services as part of its strategy [1][2] Group 2: IMF's Role - The International Monetary Fund (IMF) visited Damascus in November and expressed intentions to provide technical assistance in areas such as financial sector regulation, payment and banking system restoration, and enhancing the Central Bank of Syria's capacity [1][2] - The IMF's support aims to help the Central Bank effectively implement monetary policy to achieve low inflation stability and strengthen banking system oversight [1][2] Group 3: Historical Context - The Syrian banking system has been largely isolated from the global financial system since the onset of the civil war, following comprehensive sanctions imposed by Western countries in response to the government's crackdown on protests in 2011 [1][2] - Recent political developments, including the overthrow of President Bashar al-Assad and the establishment of a transitional government, have led to efforts to restore international relations [1][2] - Following a meeting between transitional President Ahmad Sharrah and U.S. President Donald Trump in May, the U.S. has significantly relaxed several sanctions against Syria, with multiple European governments also announcing the termination of economic sanctions [1][2]

中新社北京12月4日电 (陶思阅)中国人民银行4日发布公告称，为保持银行体系流动性充裕，12月5日， 其将以固定数量、利率招标、多重价位中标方式开展10000亿元(人民币，下同)买断式逆回购操作，期 限为3个月(91天)。数据显示，12月将有10000亿元3个月期买断式逆回购到期。因此，中国央行此次将 开展的买断式逆回购操作是等量续作。 东方金诚首席宏观分析师王青认为，后续中国央行大概率会引导资金面处于较为稳定的充裕状态。这在 助力政府债券发行、引导金融机构加大货币信贷投放力度的同时，也将释放数量型政策工具持续加力信 号，显示货币政策延续支持性立场。 编辑：张嘉怡 中国央行将开展10000亿元买断式逆回购操作 中信证券首席经济学家明明表示，预计年末剩余时段中国央行大概率继续维持宽松的数量操作模式，资 金面或维持相对稳健偏松态势。(完) 来源：中国新闻网 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。 广告等商务合作，请点击这里 ...

Group 1 - Henan Province plans to issue a total of 30 billion yuan in land reserve special bonds for 36 projects [1] - The issuance of 114.7563 billion yuan in local bonds includes fixed-rate bonds [1] - The first batch of land reserve special bonds is part of a broader strategy to enhance local infrastructure [1] Group 2 - Chongqing Bank modified its bid for the "25 Weinan City Investment MTN001" bond, reducing the subscription rate from 3% to 2.5% [3] - The initial subscription amount was 1 billion yuan, which was later reduced to 500 million yuan [3] - This change occurred just before the subscription period ended, indicating potential market volatility [3] Group 3 - The People's Bank of China will conduct a 10 billion yuan reverse repurchase operation with a term of 3 months [4] - Central bank governor Pan Gongsheng emphasized the need to enhance the role of policy interest rates [4] - The aim is to improve the transmission of interest rates from central bank policies to market rates [4] Group 4 - Hubei Provincial State-owned Assets Supervision and Administration Commission plans to explore professional integration of different levels of enterprises during the 14th Five-Year Plan [7] - The focus will be on optimizing the layout and management of state-owned enterprises [7] - The initiative aims to improve the efficiency of state capital operations [7] Group 5 - The first housing voucher for guaranteed housing in Guangzhou Huangpu has been successfully exchanged, valued at 3.429 million yuan [8] - This voucher can be used to purchase properties in designated projects by December 30, 2025 [8] - The program aims to support homeowners in securing housing amid ongoing market challenges [8] Group 6 - Henan Energy Group completed the issuance of a 5 billion yuan short-term financing bond at a rate of 2.30% [9] - The funds raised will be used to repay interest-bearing debts [9] - The bond is backed by a full unconditional guarantee from China Pingmei Shenma Group [9] Group 7 - China Pingmei Shenma Group plans to issue 10 billion yuan in medium-term notes to repay interest-bearing debts [10] - The issuance will be divided into two tranches, with a total of 7 billion yuan for a 3-year term and 3 billion yuan for a 5-year term [10] - The funds are intended to strengthen the company's financial position [10] Group 8 - Xinyang Investment Group has received approval for a 10 billion yuan corporate bond issuance from the Shanghai Stock Exchange [11] - The bond is rated AA+ with a stable outlook [11] - The issuance aims to attract professional investors [11] Group 9 - Xuchang Weiwu Industrial Investment Group's 5 billion yuan corporate bond has been accepted by the Shenzhen Stock Exchange [12] - The bond is rated AA with a stable outlook [12] - The issuance is part of the company's strategy to enhance its capital structure [12] Group 10 - The Ministry of Finance plans to issue two types of book-entry discount treasury bonds totaling 100 billion yuan [13] - The bonds will have terms of 63 days and 91 days, with competitive bidding for 400 billion yuan and 600 billion yuan respectively [13] - This issuance is aimed at managing government financing needs [13] Group 11 - The appointment of Yin Chunhua and Kang Shuxia as chairman and general manager of Henan Zhongyu International Port Group has been announced [14] - This leadership change is part of a broader strategy to enhance operational efficiency [14] Group 12 - The total asset transfer of 9,470 million yuan to Gongyi Industrial Investment Development Co., Ltd. has been approved [16] - The assets include stakes in various companies and real estate [16] - This transfer is expected to optimize asset management within the company [16] Group 13 - Country Garden's debt restructuring plan for nine bonds totaling over 13.8 billion yuan has been approved by creditors [16] - This restructuring is part of the company's efforts to manage its financial obligations [16] - The approval indicates a potential stabilization in the company's financial situation [16] Group 14 - The Shanghai Stock Exchange issued a written warning to Water Development Group for violations in information disclosure [17] - The company failed to accurately disclose financial information and timely report significant borrowing [17] - This warning highlights the importance of compliance in financial reporting [17] Group 15 - The outlook for monetary policy in 2026 suggests 2-3 potential rate cuts and increased use of structural tools [19][20] - The focus will be on maintaining a low-interest environment to support economic growth [19][20] - Structural monetary policy tools will target key sectors such as consumption and technology [19][20]

Core Viewpoint - The People's Bank of China (PBOC) will conduct a 10 trillion yuan buyout reverse repurchase operation on December 5, 2025, to maintain ample liquidity in the banking system, with a term of 3 months (91 days) [1][7]. Group 1: Reverse Repo Operations - The PBOC's operation on December 5 will be a continuation of the 10 trillion yuan 3-month buyout reverse repo, marking the second consecutive month of this policy tool being maintained at the same level [4][9]. - There will be 10 trillion yuan of 3-month buyout reverse repos maturing in December, indicating a rollover of the same amount [4][9]. - Analysts suggest that the lack of an increase in the 3-month reverse repo may relate to the funding needs of financial institutions, not indicating a reduction in liquidity provision [4][10]. Group 2: Market Conditions and Expectations - The PBOC is expected to inject medium-term liquidity through reverse repos to stabilize the funding environment, especially in light of upcoming government bond issuances and increased loan growth from policy financial tools [5][10]. - In December, there will be 4 trillion yuan of 6-month buyout reverse repos maturing, with expectations for another operation likely to be conducted, possibly with an increase in amount [4][11]. - The total amount of interbank certificates of deposit maturing in December is projected to reach 37 trillion yuan, the highest level of the year, which may tighten liquidity [4][9]. Group 3: Future Operations - Analysts predict that the PBOC will utilize both buyout reverse repos and Medium-term Lending Facility (MLF) tools to continue injecting liquidity into the market [10][11]. - There is an expectation for a 6-month buyout reverse repo operation around December 15, which may be a rollover or an increased amount [11]. - The PBOC is anticipated to conduct operations to counteract over 25 trillion yuan of public market funds maturing in December, focusing on maintaining a stable funding environment [10][11].

【导读】央行将开展10000亿元买断式逆回购操作 展望后续，王青指出，12月央行会综合运用买断式逆回购、中期借贷便利（MLF）两项政策工具，持续向市场注入中期流动性。不过，在央行降准注入 较大规模长期流动性的预期下，短期内中期流动性净投放规模有可能相应收敛。 12月4日，央行发布消息称，为保持银行体系流动性充裕，2025年12月5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10000亿元买 断式逆回购操作，期限为3个月（91天）。 招联首席研究员、上海金融与发展实验室副主任董希淼也表示，12月将有超过2.5万亿元的公开市场操作资金到期，预计央行将通过续作MLF、开展买断 式逆回购等方式进行对冲。操作可能更注重"量价适中"，以维护资金面平稳跨年。 | | | | 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 ...

人民银行12月4日消息，为保持银行体系流动性充裕，2025年12月5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10000亿元买断式逆回购操作，期限为3个月（91天）。 | | | 东方金诚首席宏观分析师王青表示，12月3个月期买断式逆回购未加量续做，或与金融机构资金需求的期限结构等有关，不代表 央行降低流动性投放力度。 Wind数据显示，本月有20358亿元逆回购到期、3000亿元MLF到期、4000亿元6月期买断式逆回购到期。 王青预计，央行本月还会开展一次6个月期买断式操作，加量续做可能性比较大。主要是为应对潜在的流动性收紧态势，引导资 金面处于较为稳定的充裕状态。在助力政府债券发行，引导金融机构加大货币信贷投放力度的同时，也将释放数量型政策工具 持续加力信号，显示货币政策延续支持性立场。 中信证券首席经济学家明明表示，12月以来市场流动性相对宽松，隔夜、7天利率位于年内低位波动，1年期同业存单利率同样 维持相对低位；本月MLF和6月期买断式逆回购到期压力并不大，在呵护跨年流动性的要求下，预计流动性工具会维持净投放。 图：中国人民银行 由于本月有10000亿元3月期买断式逆回购到期，意 ...