【文/羽扇观金工作室】 据央行官网12月18日消息，为丰富香港高信用等级人民币金融产品，完善香港人民币收益率曲线，根据 中国人民银行与香港金融管理局签署的《关于使用债务工具中央结算系统发行中国人民银行票据的合作 备忘录》，2025年12月22日（周一）中国人民银行将通过香港金融管理局债务工具中央结算系统 （CMU）债券投标平台，招标发行2025年第十期中央银行票据。 第十期中央银行票据期限6个月（182天），为固定利率附息债券，到期还本付息，发行量为人民币400 亿元，起息日为2025年12月24日，到期日为2026年6月24日，到期日遇节假日顺延。 第十期中央银行票据面值为人民币100元，采用荷兰式招标方式发行，招标标的为利率。 | | 中央银行票据发行公告 [2025]第7号 | | | --- | --- | --- | | 字号 太 虫 少 | 文章未源:货币政策司 | 2025-12-18 09:30:00 | | | 東土市石湯安市田樹田 1日ご人湯寺日、山東石湯 (日本站東日本海道高島 田田山国王国王国 | 打印本页 关闭窗口 | 央行票据（Central Bank Bill）是中国人民银行向公 ...

人民财讯12月15日电，为适应货币政策工具落地实施新需求，全面支持公开市场买断式回购业务实行券 款对付(DVP)结算，进一步提升买断式回购操作结算效率，中国人民银行清算总中心近日推出中央银行 会计核算数据集中系统(ACS)公开市场买断式回购DVP结算功能并成功上线。近日，ACS开办第一批公 开市场买断式回购DVP结算业务共计20笔，登记债券明细777条。该功能实现了中央银行公开市场买断 式回购业务全流程记账处理自动化，进一步扩展了公开市场线上交易业务范围，简化公开市场买断式回 购结算流程，缩短交割周期，提高金融机构资金与债券的使用效率；为公开市场操作提供更安全、高效 的技术支撑，有助于货币政策工具广泛实施并精准落地，增强金融调控的有效性。 ...

记者丨唐婧 编辑丨周炎炎 12月12日，中国人民银行公布《2025年11月金融统计数据报告》，政府债券快发多发对贷款 的替代效应继续显现。 具体来看，2025年11月末社会融资规模存量为440.07万亿元，同比增长8.5%。其中，对实体 经济发放的人民币贷款余额为267.42万亿元，同比增长6.3%；企业债券余额为34.08万亿元， 同比增长5.6%；政府债券余额为94.24万亿元，同比增长18.8%。 从结构看， 11月末对实体经济发放的人民币贷款余额占同期社会融资规模存量的60.8%，同比 低1.3个百分点；企业债券余额占比7.7%，同比低0.3个百分点；政府债券余额占比21.4%，同 比高1.8个百分点。 从增量看， 2025年前十一个月社会融资规模增量累计为33.39万亿元，比上年同期多3.99万亿 元。其中，对实体经济发放的人民币贷款增加14.93万亿元，同比少增1.28万亿元；企业债券 净融资2.24万亿元，同比多3125亿元；政府债券净融资13.15万亿元，同比多3.61万亿元。 业内专家表示，今年以来，宏观政策加大逆周期调节力度，对提振内需、稳定经济发挥了积极 作用，也为金融总量合理增长提供了 ...

◎记者 张琼斯 12月12日，央行发布公告，12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）。 业内专家表示，央行通过各种流动性工具的配合使用，有效应对财政税收、政府债券发行等短期波动， 货币市场运行整体平稳，银行体系流动性保持充裕。这些工具相互配合、各有侧重，已经形成了立体化 的流动性管理工具体系。 保障岁末年初流动性充裕 央行本月加量续作6个月期买断式逆回购，实现净投放2000亿元，继续向市场注入中短期流动性，以更 好地维护市场流动性充裕，保障岁末年初金融市场平稳运行。 王青认为，本次操作主要是考虑到12月政府债券发行规模会处于较高水平，新型政策性金融工具会带动 配套贷款增长，以及12月银行同业存单到期量达3.7万亿元，这些因素会在一定程度上带来资金面收紧 效应。 "着眼于应对潜在的流动性收紧态势，央行继续通过买断式逆回购向银行体系注入流动性，将助力政府 债券发行，引导金融机构加大货币信贷投放力度。"王青表示。 12月还有3000亿元中期借贷便利（MLF）到期。招联首席研究员董希淼预计，央行将在25日前后等量 或加量操作MLF，继续向市场投放 ...

为全力落实好一揽子货币政策措施，紧扣重庆市建设"六区一高地"目标任务，中国人民银行重庆市分行 安排1000亿元低成本资金，围绕科技创新、绿色金融、提振消费、稳定外贸以及民营小微五大领域，创 设"渝科融""渝绿融""渝消融""渝通融""渝民融"五个百亿级货币政策工具支持计划，并通过构建"政策宣 贯+科技赋能+融资对接+效果评估+协调调度"五位一体的全链条金融服务体系，为五大领域高质量发展 提供有力资金支持。 货币政策工具支持计划实施以来，重庆落地支持计划专用额度1478亿元，支持经营主体16万余户。其 中，科创、民营领域超300亿元、绿色领域超100亿元，货币政策工具的牵引带动作用充分显现。 强化部门协同联动 科技赋能融资对接"提速" 中国人民银行重庆市分行加强与行业主管部门协同联动，在需求摸排、融资对接、问诊把脉方面形成合 力，推动金融机构运用科技化手段优化线上信贷流程。该行通过"长江渝融通"大数据平台向辖内银行累 计推送重点领域企业8.1万余户，全面提升服务效率。 重庆友强高分子材料股份有限公司深耕高分子改性材料研发与制造领域近二十年。近期，该企业精准把 握市场需求趋势，急需资金用于新型材料配方的研发工作。 ...

| 工具类型 | 工具名称 | 投放 | 回笼 | 净投放 | | --- | --- | --- | --- | --- | | 准备金 | 调整法定存款准备金率 | - | - | - | | 中央银行贷款 | 常备借贷便利(SLF) | 8 | 11 | -3 | | | 中期借贷便利(MLF) | 10000 | 9000 | 1000 | | | 抵押补充贷款(PSL) | 254 | 0 | 254 | | | 其他结构性货币政策工具 | 6108 | 4958 | 1150 | | 公开市场业务 | 7天期逆回购 | 48056 | 53618 | -5562 | | | 其他期限逆回购 | 15000 | 10000 | 5000 | | | 公开市场国债买卖 | 500 | 0 | 500 | | | 中央国库现金管理 | 2000 | 1200 | 800 | 12月2日，央行发布的2025年11月中央银行各项工具流动性投放情况显示：11月，中央银行贷款方面，常备借贷便利净投放-3亿元，中期借贷便利净投放 1000亿元，抵押补充贷款净投放254亿元，其他结构性货币政策工具净投放1150亿元 ...

Core Viewpoint - The central bank has injected 1 trillion yuan through MLF, marking the ninth consecutive month of increased MLF operations, aimed at maintaining liquidity and supporting credit growth to stabilize economic expectations [1] Monetary Policy Actions - The central bank is utilizing various monetary policy tools to ensure ample liquidity in the market, which is expected to encourage financial institutions to increase credit issuance [1] - There is a possibility of implementing a new round of reserve requirement ratio (RRR) cuts by the end of the year, as indicated by analysts [1] Economic Outlook - Given the fluctuations in the external environment and changes in domestic economic growth momentum, new policies aimed at stabilizing growth may be introduced to support macroeconomic performance in the fourth quarter and the first quarter of the following year [1]

Core Viewpoint - The People's Bank of China (PBOC) announced a 700 billion yuan reverse repurchase operation to maintain liquidity in the banking system, indicating a continuation of supportive monetary policy [2][3]. Group 1: Reverse Repo Operations - On November 5, 2025, the PBOC will conduct a fixed-quantity, interest-rate tender, multi-price reverse repurchase operation of 700 billion yuan with a term of 3 months (91 days) [2]. - The operation is aimed at injecting medium-term liquidity into the banking system, helping to stabilize the funding environment and support government bond issuance [2][3]. - In November, an additional 300 billion yuan of 6-month reverse repos is expected, with a likelihood of increased amounts, marking the sixth consecutive month of medium-term liquidity injection [3]. Group 2: Market Liquidity and Policy Tools - The PBOC has been actively using reverse repo operations to adjust short-term liquidity and has also employed medium-term lending facilities (MLF) to enhance medium and short-term liquidity [3]. - In October, the PBOC net withdrew 595.3 billion yuan through short-term reverse repos, while net injecting 400 billion yuan through buyout reverse repos and 200 billion yuan through MLF [3]. Group 3: Future Expectations - Experts anticipate a potential reserve requirement ratio (RRR) cut before the end of the year, as the fourth quarter is a critical period for growth-stabilizing policies [4]. - The PBOC's actions are seen as timely and necessary to maintain ample market liquidity and encourage financial institutions to increase credit issuance [4].

Financial Performance and Regulatory Overview - Financial institutions' operational and regulatory indicators remain within a reasonable range, with total assets exceeding 520 trillion yuan by September 2025. The capital adequacy ratio for commercial banks is 15.36%, and the non-performing loan ratio stands at 1.52%. Insurance companies have a comprehensive solvency adequacy ratio of 186%, while securities and futures companies have average risk coverage ratios of 295% and 226%, respectively, all significantly above regulatory standards, indicating overall sufficient loss absorption capacity [1][2]. Market Stability and Recovery - The financial market has withstood significant external shocks, with improved expectations and a substantial increase in confidence. The Shanghai Composite Index rose by 18.4% from November 2024 to September 2025, reaching over 3900 points in October, a ten-year high. Daily trading volume in the Shanghai and Shenzhen stock markets averaged approximately 2.3 trillion yuan since August, significantly higher than the previous year's average of about 700 billion yuan. The yield on 10-year government bonds has stabilized between 1.75% and 1.85%, reversing a downward trend observed in 2024 [2]. Regulatory Improvements - Financial regulatory systems have been further refined, enhancing governance, regulatory ratings, and consumer protection across financial institutions. Measures have been implemented to combat fraud and gambling-related financial activities, including the introduction of product suitability management guidelines and revisions to regulations governing public companies. A crackdown on financial fraud in listed companies has been initiated, alongside stricter regulations on share reduction practices [3]. Enforcement and Legal Framework - Regulatory enforcement has become more standardized, with the People's Bank of China penalizing 1978 individuals/entities, the financial regulatory bureau sanctioning 4127 banking and insurance institutions, and the China Securities Regulatory Commission penalizing 1423 entities since November 2024. The legal framework for finance is progressing, with efforts to revise various financial laws and regulations, including those governing the central bank, banking supervision, and securities management [3].

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 900 billion yuan MLF operation on October 27, aiming to maintain ample liquidity in the banking system [1] Group 1: Monetary Policy Actions - The PBOC will implement a fixed quantity, interest rate bidding, and multiple price bidding method for the MLF operation [1] - In October, the central bank has also conducted a net injection of 400 billion yuan through reverse repos, leading to a total net liquidity injection of 600 billion yuan for the month, consistent with the previous month [1] Group 2: Economic Context - Over the past five months, there has been a continuous net injection of medium-term liquidity, with a significant increase in the net injection scale over the last three months [1] - The expected net financing of government bonds in October is projected to reach one trillion yuan [1] Group 3: Regulatory and Policy Signals - Regulatory authorities are encouraging financial institutions to increase credit issuance [1] - The PBOC's ongoing implementation of net liquidity injections signals a sustained commitment to quantitative monetary policy tools [1] - The central bank aims to ensure liquidity is ample, reduce overall financing costs, support consumption, expand effective investment, and stabilize the financial market [1]