美国明尼阿波利斯联邦储备银行行长尼尔·T·卡什卡里表示，过去一年特朗普政府针对美联储采取的一 系列举措，"本质上是围绕货币政策展开"。在美国司法部主导的一项刑事调查启动后，卡什卡里公开表 态支持美联储主席鲍威尔。 面对此次调查，金融市场反应相对平稳。卡什卡里认为，这在一定程度上是因为两党议员已联名表态支 持鲍威尔，认可美联储应拥有不受政治干预、自主制定利率政策的权力，这让市场吃下了一颗"定心 丸"。 美国司法部于上周五向美联储送达了大陪审团传票，此举引发鲍威尔的强硬回应。上周日，媒体曝光这 一调查后，鲍威尔发布了一份非同寻常的视频声明。他在声明中指责特朗普政府，将美联储华盛顿总部 翻新工程的相关成本问题当作"借口"发起刑事调查，以此胁迫美联储下调基准利率。 "过去一年间，这一系列矛盾的不断加码，本质上就是围绕货币政策的博弈。"卡什卡里在接受采访时表 示，"我认为鲍威尔的这番表态精准地道出了问题的核心。" 他还指出，当前正是向民众与美国民众阐释"为何美联储的独立性对美国经济的稳健运行与活力至关重 要"的契机。 此次针对美联储的新一轮猛烈抨击，不仅遭到全球经济政策制定者的强烈反对，也引发共和党议员乃至 特朗普总统 ...

Core Viewpoint - The People's Bank of China (PBOC) announced a 900 billion yuan reverse repo operation to maintain ample liquidity in the banking system, marking the fifth consecutive month of increased medium-term liquidity injection [1] Group 1: Monetary Policy Actions - On January 15, the PBOC will conduct a 900 billion yuan reverse repo operation with a six-month term, which is an increase of 300 billion yuan compared to the previous month [1] - In January, 600 billion yuan of six-month reverse repos are set to mature, indicating a strategic continuation of liquidity support [1] - The PBOC had previously conducted an 11 trillion yuan three-month reverse repo operation on January 8, maintaining the same amount as before [1] Group 2: Market Implications - The increase in reverse repo operations is expected to assist in government bond issuance and encourage financial institutions to enhance credit supply [1] - The actions reflect a sustained supportive stance in monetary policy, signaling ongoing commitment to maintaining liquidity in the market [1]

1月14日，央行官网发布公告称，为保持银行体系流动性充裕，2026年1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9000亿元买断式逆回购操作，期限为6个月（181天）。 数据显示，1月有6000亿6个月期买断式逆回购到期。由此，央行1月15日开展9000亿元买断式逆回购操 作，意味着当月6个月期买断式逆回购加量续作，加量规模3000亿元，为6个月期买断式逆回购连续第五 个月加量续作，加量规模较上月增加1000亿元。 值得注意的是，受稳增长政策发力显效及外需韧性较强等带动，2025年12月官方制造业PMI指数大幅回 升至扩张区间，短期内逆周期调节政策加码需求或有所下降，加之1月央行仍在通过买断式逆回购向市 场注入中期流动性，央行降准预期也可能相应推迟。 图片来源：IC photo 来源：北京日报客户端 记者：潘福达 东方金诚首席宏观分析师王青认为，央行此次操作背后的主要原因在于，为保障重点领域重大项目资金 需求，巩固拓展经济回升向好势头，2026年新增地方政府债务限额已提前下达，这意味着2026年1月会 有一定规模的政府债券开闸发行。另外，2025年10月5000亿元新型政策性金融工具 ...

Core Viewpoint - The People's Bank of China (PBOC) is implementing a 900 billion yuan reverse repo operation to maintain liquidity in the banking system, marking the fifth consecutive month of increased reverse repo operations [1][2]. Group 1: Reverse Repo Operations - On January 15, the PBOC will conduct a 900 billion yuan reverse repo operation with a six-month term, which is an increase of 300 billion yuan compared to the previous month [2]. - This operation follows the maturity of 600 billion yuan in six-month reverse repos in January, indicating a net liquidity injection of 300 billion yuan for the month [2]. - The increase in reverse repo operations aligns with market expectations and is aimed at ensuring sufficient liquidity during a month characterized by high bank credit issuance and tax payments [2][4]. Group 2: Market Liquidity and Future Expectations - Experts anticipate that the PBOC will also conduct a 200 billion yuan Medium-term Lending Facility (MLF) operation around January 25, likely maintaining or slightly increasing the amount [3][4]. - The PBOC's approach to liquidity management is expected to continue, utilizing various tools such as reverse repos and MLF to ensure a stable liquidity environment, reflecting a monetary policy stance of "moderate easing" through 2026 [4]. - The recent central bank meeting emphasized the need for flexible and efficient use of monetary policy tools to maintain ample liquidity and support balanced credit growth in line with economic and price level expectations [4].

Group 1 - The central bank announced a 900 billion yuan reverse repo operation with a fixed amount and interest rate, set to take place on January 15, with a term of 6 months (181 days) [2] - This operation marks the fifth consecutive month of increased 6-month reverse repos, with an additional 100 billion yuan compared to the previous month, and is part of an ongoing effort to inject liquidity into the market [2] - Analysts believe this move aims to create a favorable liquidity environment for government bond issuance and credit growth at the beginning of the year, ensuring a stable funding situation [2][3] Group 2 - January is a month with concentrated bank credit issuance and significant tax payments, leading to increased liquidity demand in the market [3] - The central bank's net injection through reverse repos is expected to maintain ample market liquidity and support stable financial market operations at the year's end and beginning [3] - The central bank is likely to continue using various tools, including reverse repos and medium-term lending facilities (MLF), to ensure liquidity remains abundant throughout 2026 [3]

此外，1月还将有2000亿元中期借贷便利（MLF）到期。董希淼预计，央行将于1月25日左右开展2000 亿元MLF操作，预计为等量或加量续作，继续向市场投放中期流动性，进一步改善市场流动性的期限 结构。 中信证券首席经济学家明明认为，本月MLF到期量2000亿元，考虑到后续政府债发行压力以及临近春 节现金性压力的回升，后续央行利用MLF净投放和买债等工具维持流动性供给宽裕的政策操作模式料 将延续。 日前召开的2026年央行工作会议提出，灵活高效运用降准降息等多种货币政策工具，保持流动性充裕， 保持社会融资条件相对宽松，引导金融总量合理增长、信贷投放均衡，使社会融资规模、货币供应量增 长同经济增长和价格总水平预期目标相匹配。 展望未来，业内专家普遍认为，央行仍会综合运用买断式逆回购、MLF等政策工具，持续向市场注入 中期流动性，这也是2026年货币政策延续"适度宽松"基调，保持流动性充裕的具体体现。 央行连续第五个月加量续作6个月期买断式逆回购。 1月14日，中国人民银行消息称，为保持银行体系流动性充裕，2026年1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9000亿元买断式逆回购操作 ...

| 地区 | 仓库 | 期货 | 增减 | | --- | --- | --- | --- | | 上海 | 中储吴淞 | 82846 | -1533 | | | 外运华东虹桥 | 59793 | 0 | | | 中工美供应链 | 441584 | 163 | | | 合计 | 584223 | -1370 | | 广东 | 深圳威豹 | 44473 | 0 | | 总计 | | 628696 | -1370 | 上海期货交易所指定交割仓库期货1月14日仓单日报显示，白银期货总计628696千克，今日仓单较上一 日减少1370千克。 沪银主力维持震荡格局，今日白银期货开盘报21431元/千克，最高触及22995元/千克，最低触及21358 元/千克，截止收盘报22763元/千克，上涨8.03%。 美国劳工部周二表示，美国12月CPI同比上涨2.7%，与去年11月持平。剔除波动较大的食品和能源成本 后，核心CPI同比上涨2.6%，也与去年11月持平。二者均低于市场预期。经季节性调整后的12月CPI环 比上涨0.3%，符合经济学家的预期；12月核心CPI环比上涨0.2%。经济学家此前预计该数据将上涨 0.3%。 ...

【导读】央行将开展9000亿元买断式逆回购操作 东方金诚首席宏观分析师王青指出，1月两个期限品种的买断式逆回购合计加量续作3000亿元，加量规模较上月增加1000亿元，为央行连续第8个月通过买 断式逆回购向市场注入中期流动性。 他分析主要原因有二：一是为保障重点领域重大项目资金需求，巩固拓展经济回升向好势头，2026年新增地方政府债务限额已提前下达，意味着2026年1 月会有一定规模的政府债券开闸发行；二是2025年10月5000亿元新型政策性金融工具投放完毕后，还会继续带动今年1月配套贷款较大规模投放，放大信 贷"开门红"效应。 "着眼于应对潜在的流动性收紧态势，央行通过买断式逆回购向银行体系注入中期流动性，能够引导资金面处于较为稳定的充裕状态。"王青表示，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，也在释放数量型政策工具持续加力的信号，显示货币政策延续支持性立场。 展望后续，王青认为，1月央行会综合运用买断式逆回购、MLF两项政策工具，持续向市场注入中期流动性。这是2026年货币政策延续"适度宽松"基调、 保持流动性充裕的具体体现。不过，1月中期流动性加量规模也可能延续2025年12月 ...

Core Viewpoint - The People's Bank of China (PBOC) will conduct a 900 billion yuan buyout reverse repurchase operation on January 15, 2026, to maintain ample liquidity in the banking system, with a term of 6 months (181 days) [2][3]. Group 1: Reverse Repo Operations - The PBOC's operation on January 15 will involve a fixed amount and interest rate bidding, with a total of 900 billion yuan, marking a 300 billion yuan increase compared to the previous month [2][4]. - This operation represents the fifth consecutive month of increased buyout reverse repos, with the scale of increase being 1 billion yuan compared to the previous month [2][4]. Group 2: Economic Context and Implications - The increase in reverse repos is aimed at ensuring funding for key projects and supporting economic recovery, as new local government debt limits for 2026 have been set, indicating a significant issuance of government bonds in January [4][5]. - The PBOC's actions are intended to stabilize the liquidity environment and encourage financial institutions to increase credit supply, reflecting a supportive monetary policy stance [5][6]. Group 3: Future Outlook - Analysts expect the PBOC to continue using reverse repos and Medium-term Lending Facility (MLF) tools to inject liquidity into the market, maintaining a moderately loose monetary policy in 2026 [5][6]. - However, the scale of liquidity injection may remain low in January due to the timing of government bond issuances not being at their peak [5][6].

Group 1 - The core viewpoint of the report is that Singapore's UOB has raised Vietnam's GDP growth forecast for 2026 from 7.0% to 7.5% due to strong economic performance [1] - Vietnam's economy continued to show robust growth in Q4 2025, with actual GDP growing by 8.46% year-on-year, surpassing both the previous quarter's growth of 8.25% and market expectations, marking the highest quarterly growth since 2009, excluding pandemic-related anomalies [1] - Exports and manufacturing are identified as the main drivers of economic growth, with Q4 2025 exports achieving a 19% year-on-year increase and an annual export growth rate of 17%, demonstrating strong export competitiveness [1] - The manufacturing sector also saw a significant increase, with a year-on-year growth of 11.3% in Q4, contributing to an overall manufacturing value-added growth rate of 10.5% for the year [1] Group 2 - The report warns of potential risks to Vietnam's future economic growth, including uncertainties in external demand due to its highly open economy, where exports account for 83% of GDP, and the ongoing uncertainty of U.S. trade policies [2] - Inflationary pressures are highlighted, with an average Consumer Price Index (CPI) increase of 3.2% in 2025, driven mainly by rising service prices, particularly in healthcare and education [2] - The Vietnamese dong depreciated by 3.1% against the U.S. dollar, leading to imported inflation pressures [2] - The report indicates that the State Bank of Vietnam is expected to maintain the refinancing rate at 4.5% throughout 2026 to ensure macroeconomic stability and manage inflation expectations [2]