Core Viewpoint - The People's Bank of China (PBOC) will resume open market operations for government bonds, indicating a positive outlook for the bond market and a tool for liquidity management [1][2]. Group 1: Market Operations - The PBOC's resumption of government bond trading is a significant measure to enhance the financial functions of government bonds and improve the pricing benchmark role of the yield curve [2][3]. - The PBOC had previously suspended bond trading due to imbalances in market supply and demand, but the current market conditions are deemed favorable for resuming operations [2][3]. - The trading of government bonds will help stabilize interest rates in the bond market and support the smooth transmission of monetary policy [3][6]. Group 2: Legal and Institutional Framework - The legal framework allows the PBOC to buy and sell government bonds in the open market, which is a necessary supplement to public market operations [5]. - The PBOC is prohibited from directly subscribing to or underwriting government bonds in the primary market, but it can engage in secondary market transactions [5]. - The PBOC's actions in the bond market are distinct from quantitative easing (QE) practices in developed economies, as they are not a response to exhausted conventional monetary policy tools [5][6]. Group 3: Economic Implications - The increase in government bond issuance this year is expected to provide more medium- and long-term liquidity, which will support credit expansion and economic growth [3][6]. - The resumption of bond trading is anticipated to lead to a more stable yield curve and reduced financing costs for the real economy [6].

Core Viewpoint - The People's Bank of China (PBOC) is maintaining ample liquidity in the banking system through a series of monetary policy tools, including a 900 billion yuan MLF operation scheduled for October 27, 2025, which aligns with market expectations for liquidity support [1][2] Group 1: Monetary Policy Actions - In October, the PBOC will inject a net 200 billion yuan of MLF, following the maturity of 700 billion yuan, resulting in a total net liquidity injection of 600 billion yuan for the month, consistent with the previous month [1][2] - The PBOC's actions reflect a coordinated effort between monetary and fiscal policies to support government bond issuance and meet credit financing needs for enterprises and households [2][3] - The total amount of long-term liquidity remains stable, with MLF net injection being the eighth instance this year, although slightly lower than the previous two months [3] Group 2: Economic Context and Future Outlook - The ongoing large-scale issuance of government bonds and the introduction of new policy financial instruments are driving the demand for liquidity, with expectations of net government bond financing reaching over 1 trillion yuan in October [2] - Analysts anticipate that the PBOC may implement a new round of reserve requirement ratio (RRR) cuts in the fourth quarter to further support economic growth and stabilize employment, alongside continued use of MLF and reverse repos [4][5] - The overall loan growth in the first three quarters of 2025 has exceeded 5 trillion yuan, indicating a robust demand for credit across various sectors, including fixed asset loans and support for small and medium-sized enterprises [6][7]

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 900 billion yuan MLF operation on October 27 to maintain ample liquidity in the banking system, marking the eighth consecutive month of increased MLF issuance [1] Group 1 - The MLF operation will be conducted using a fixed quantity, interest rate bidding, and multiple price bidding methods [1] - The operation has a term of one year [1] - With 700 billion yuan of MLF maturing this month, the net MLF injection will reach 200 billion yuan [1]

Group 1 - The People's Bank of China announced a 900 billion MLF operation to maintain liquidity in the banking system, scheduled for October 27, 2025, with a one-year term [1] - The operation will be conducted using a fixed quantity, interest rate bidding, and multiple price bidding methods [1] Group 2 - The announcement is part of the broader monetary policy strategy to ensure sufficient liquidity in the financial system [1] - The operation reflects the central bank's ongoing efforts to support economic stability and growth [1]

1. Report Industry Investment Rating No information provided on the industry investment rating in the given content. 2. Core Viewpoints of the Report - The report focuses on the supply, demand, and pricing of inter - bank certificates of deposit (CDs), analyzes the core factors affecting their supply and demand, and discusses the supply pressure of CDs within the year. It points out that since 2025, there have been some "unusual" phenomena in CDs, and the market's concerns about CDs have resurfaced, mainly due to the potential supply pressure from the maturity of high - interest fixed - term deposits in the fourth quarter and the possible weakening of demand - side stability [11]. - Considering the central bank's current intention to support the market, the ongoing repair of real - economy credit demand, and the stable supply rhythm of government bonds, the pressure for CDs to be issued at higher prices in the fourth quarter may be relatively controllable, but there may be some stage fluctuations. The main fluctuation range of 1 - year CDs is expected to remain between 1.6% - 1.7% [5]. 3. Summary by Relevant Catalogs 3.1 Development History: The Appeal and Boundary of Active Liabilities - **2013 - 2017: Rapid Expansion after Formal Start** - In December 2013, the issuance of the "Interim Measures for the Administration of Inter - bank Certificates of Deposit" marked the formal start of the development of inter - bank CDs. From 2014 to 2017, the issuance scale increased from nearly 1 trillion yuan in 2014 to nearly 20 trillion yuan in 2017, mainly issued by small and medium - sized banks such as city commercial banks and joint - stock banks [12]. - The rapid expansion was driven by the inherent advantages of CDs as an active liability tool, the "disintermediation of deposits", the trend of interest rate liberalization, and the change in the central bank's base - money injection method [14][21]. - **2017 - 2023: Stable Development under Regulatory Constraints** - Since 2017, a series of regulatory measures have been introduced to guide the financial system to return to its origin, improve the quality and efficiency of serving the real economy, and strengthen risk prevention and control. The issuance growth of inter - bank CDs has flattened out [23]. - In terms of structure, inter - bank CDs have become the fourth - largest variety in the inter - bank market. The issuance scale of large state - owned banks has increased slightly year by year, and the proportion of 1 - year - term varieties has increased significantly since 2018 [27][28]. - **Since 2023: The Issuance Scale Rises Again** - In 2023, the annual issuance scale exceeded 25 trillion yuan, with state - owned banks accounting for 26%. In 2024, the scale exceeded 30 trillion yuan, and the proportion of state - owned banks reached 28%. This was mainly affected by the downward trend of CD issuance costs, the expansion of the deposit - loan gap, and the concentrated issuance of government bonds [32]. 3.2 Supply Willingness and Rhythm - **Liquidity Gap Management on the Liability Side** - During periods of high capital demand, such as large - scale bank credit issuance and concentrated government bond supply, the net financing scale of CDs usually increases, showing certain seasonal patterns and being affected by policies [47]. - Weak deposit growth on the liability side requires CDs to supplement liabilities, which is more of a trend change and closely related to regulatory norms [50]. - To cope with foreseeable liquidity consumption within the month and avoid large fluctuations in funds to lock in lower issuance costs, CD supply shows certain regularities within the month, usually concentrating in the first three weeks [50]. - **Cost Considerations on the Liability Side** - The demand for CD issuance is affected by the central bank's medium - and long - term liquidity injection. If banks can obtain lower - cost funds from the central bank, their willingness to issue CDs will decrease [54]. - Banks will adjust the maturity structure of CD issuance based on cost considerations. In a loose liquidity environment, they tend to lengthen the maturity of CD issuance to lock in lower financing costs [56]. - From the perspective of asset returns, if the demand for real - economy loans is expected to be strong and the asset - liability spread is expected to widen, banks tend to increase the issuance scale of CDs to reserve liability sources in advance [62]. - **Constraints of Regulatory Indicators** - Issuing inter - bank CDs helps improve liquidity regulatory indicators, especially the liquidity coverage ratio (LCR), net stable funding ratio (NSFR), and liquidity matching ratio (LMR) [65]. - Different maturities of CDs have different conversion coefficients in regulatory indicators. Long - term CDs usually have a positive impact on improving these indicators, while short - term CDs may not [66]. - **Issuance Characteristics under the Management of Filing Quotas** - The issuance of inter - bank CDs adopts a filing system, and the filing quota is managed on a balance basis. The balance of inter - bank CDs at any time within the year shall not exceed the annual filing quota [72]. - There is a negative correlation between the utilization progress of CD filing quotas and the deposit ratio. Banks with strong deposit - attracting ability and high deposit ratios have lower demands for issuing CDs [73]. 3.3 Demand Side: Who Are the Main Allocation Forces? - **Commercial Banks** - Commercial banks' allocation of CDs is a process of seeking a dynamic balance between risk and return under the constraints of regulatory frameworks and market environments. Different banks have different allocation logics due to differences in liability costs, credit issuance, and regulatory indicators [84][86]. - Rural commercial banks and large banks are the main buyers of CDs. Rural commercial banks' allocation logic has changed since 2023, from a "seesaw" relationship with credit issuance to focusing more on the allocation value of CDs in an "asset shortage" situation [88][89]. - Large banks' weak credit issuance demand in recent years has increased their demand for allocating CDs, and they show a characteristic of increasing net purchases at the end of the month [98]. - **Bank Wealth Management** - Bank wealth management shows a distinct right - hand trading characteristic in investing in CDs and is also affected by factors such as liability - side stability, regulatory requirements, and monetary policy. In recent years, the expansion of the liability side has increased its demand for CD allocation [102]. - Current - management wealth management products are the main force in CD allocation, preferring short - term CDs due to regulatory restrictions on the average remaining maturity of product investment portfolios [102]. - **Money Market Funds** - Compared with the right - hand trading of wealth management products, the peak of net purchases by money market funds usually coincides with the inflection point of CD interest rates, which may drive the inflection point of CD prices to some extent [4]. 3.4 How Are CDs Priced? - **Theoretical Pricing Benchmark of CDs** - Policy interest rates (MLF/OMO + 30BP) form the theoretical upper limit of CD pricing, while SHIBOR, DR interest rates, deposit interest rates, and R001 form the theoretical lower limit. This pricing system anchors CD interest rates by affecting supply and demand [5]. - **Core Factors Affecting CD Supply and Demand** - In the short term, CD interest rates are affected by supply and demand forces, including the liability - side capital gap, liability costs, asset returns, regulatory regulations and assessments, and the institutional behavior of allocation forces [5]. - **Outlook on the Supply Pressure of CDs within the Year** - Considering the central bank's support intention, the ongoing repair of real - economy credit demand, and the stable supply rhythm of government bonds, the pressure for CDs to be issued at higher prices in the fourth quarter may be relatively controllable, but there may be some stage fluctuations. The main fluctuation range of 1 - year CDs is expected to remain between 1.6% - 1.7% [5].

Core Viewpoint - The People's Bank of China (PBOC) is actively using the buyout reverse repurchase operation to inject medium-term liquidity into the banking system, aiming to stabilize the financial market and manage liquidity effectively [1][2][3]. Group 1: Buyout Reverse Repo Operations - On October 14, the PBOC announced a buyout reverse repo operation of 600 billion yuan with a term of 6 months, marking the second such operation in October [1][2]. - The buyout reverse repo, introduced in October 2024, has become a key tool for the PBOC's medium-term liquidity management, filling the gap in short to medium-term liquidity tools [1][2]. - The PBOC has conducted multiple buyout reverse repo operations since its introduction, with terms ranging from 3 months to 1 year, providing longer-term funding support compared to traditional operations [1][2]. Group 2: Market Conditions and Liquidity Management - The government bond issuance in October remains substantial, contributing to potential liquidity tightening, prompting the PBOC to inject liquidity through buyout reverse repos [2][3]. - Factors such as tax payments, high-interest deposits maturing, and the introduction of new policy financial tools are expected to exert pressure on liquidity, necessitating PBOC's intervention [2][3]. - The PBOC's recent operations are aimed at maintaining a stable and ample liquidity environment, especially in light of upcoming government bond issuances and market demands [3][4]. Group 3: Monetary Policy Tools and Future Outlook - The PBOC is utilizing a variety of monetary policy tools, including short-term reverse repos, medium-term lending facilities (MLF), and buyout reverse repos, to ensure liquidity in the market [5][6]. - The PBOC's recent adjustments in policy language indicate a focus on maintaining policy continuity and flexibility, with an emphasis on effectively utilizing existing tools [5][6]. - Analysts suggest that the PBOC may resume government bond trading in the fourth quarter to inject long-term liquidity, aligning with growth stabilization policies [6][7].

10月14日，央行发布公开市场买断式逆回购招标公告，2025年10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）。 买断式逆回购推出于2024年10月，是中国人民银行主动借出资金，从一级交易商购买债券，来向市场投放流动性的操作。该工具可增强1年以内的流动性 跨期调节能力，有助于提升流动性管理的精细化水平。截至10月中旬，央行已开展了多次买断式逆回购操作。 （图源：央行） 自2024年10月推出以来，买断式逆回购已成为央行中期流动性管理的重要组成部分。该工具期限覆盖3个月至1年，填补了央行流动性管理工具在中短期期 限上的空白。与传统的7天期、14天期逆回购操作相比，买断式逆回购能够提供更长期限的资金支持。 | 公开市场买断式逆回购招标公告 [2025]第9号 2025-10-14 | | --- | | 2025-09-30 公开市场买断式逆回购招标公告 [2025]第8号 | | 公开市场买断式逆回购招标公告 [2025]第7号 2025-09-12 | | 公开市场买断式逆回购招标公告 [2025]第6号 2025-09-04 | ...

记者丨 唐婧 编辑丨包芳鸣 10月14日，央行发布公开市场买断式逆回购招标公告，2025年10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）。 （图源：央行） 买断式逆回购推出于2024年10月，是中国人民银行主动借出资金，从一级交易商购买债券，来 向市场投放流动性的操作。该工具可增强1年以内的流动性跨期调节能力，有助于提升流动性 管理的精细化水平。截至10月中旬，央行已开展了多次买断式逆回购操作。 自2024年10月推出以来，买断式逆回购已成为央行中期流动性管理的重要组成部分。该工具期 限覆盖3个月至1年，填补了央行流动性管理工具在中短期期限上的空白。与传统的7天期、14 天期逆回购操作相比，买断式逆回购能够提供更长期限的资金支持。 | 公开市场买断式逆回购招标公告 [2025]第9号 2025-10-14 | | --- | | 2025-09-30 公开市场买断式逆回购招标公告 [2025]第8号 | | 公开市场买断式逆回购招标公告 [2025]第7号 2025-09-12 | | 公开市场买断式逆回购招标公告 [2025] ...

10月14日，央行发布公开市场买断式逆回购招标公告，2025年10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）。 | 公开市场买断式逆回购招标公告 [2025]第9号 2025-10-14 | | --- | | 公开市场买断式逆回购招标公告 [2025]第8号 2025-09-30 | | 公开市场买断式逆回购招标公告 [2025]第7号 2025-09-12 | | 公开市场买断式逆回购招标公告 [2025]第6号 2025-09-04 | | 公开市场买断式逆回购招标公告 [2025]第5号 2025-08-14 | | 公开市场买断式逆回购招标公告 [2025]第4号 2025-08-07 | | 公开市场买断式逆回购招标公告 [2025]第3号 2025-07-14 | | 公开市场买断式逆回购招标公告 [2025]第2号 2025-06-13 | | 公开市场买断式逆回购招标公告 [2025]第1号 2025-06-05 | | 公开市场买断式逆回购业务公告 [2025]第5号 2025-05-30 | | 公开市场买断 ...

人民网北京10月15日电 （记者黄盛）中国人民银行（以下简称"央行"）发布公开市场买断式逆回购招 标公告称，为保持银行体系流动性充裕，2025年10月15日，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）。 记者了解到，这是央行本月第二次开展买断式逆回购操作。10月9日，央行以固定数量、利率招标、多 重价位中标方式开展11000亿元买断式逆回购操作，期限为3个月（91天）。10月分别有8000亿元3个月 期买断式逆回购到期（10月14日到期）和5000亿元6个月期买断式逆回购到期，因此央行10月两个期限 品种的买断式逆回购合计加量续作4000亿。 来源：人民网 另据记者了解，买断式逆回购，是央行在去年10月28日宣布推出的货币政策工具，是中国人民银行主动 借出资金，从一级交易商购买债券，来向市场投放流动性的操作。该工具可增强1年以内的流动性跨期 调节能力，有助于提升流动性管理的精细化水平。截至今年10月中旬，央行已开展了多次买断式逆回购 操作。近年来，央行通过逆回购操作，适时调节短期流动性；通过买断式逆回购、MLF（中期借贷便 利）操作，加强中短期流动性投 ...