证券研究报告 | 债券市场专题研究 | 债券研究 债券市场专题研究 报告日期：2025 年 09 月 21 日 7 天期逆回购利率的政策基准定位更加清晰 ——流动性与同业存单跟踪 核心观点 央行公告将公开市场 14 天期逆回购操作调整为多重价位中标，意味着 7 天期逆回购 利率的政策基准定位更加清晰，亦表明 9 月底央行或投放 14 天期逆回购资金助力跨 季资金宽松，同时关注资产负债更为稳健的大行获取 14 天期逆回购资金成本是否会 更低。 ❑ 7 天期逆回购利率的政策基准定位更加清晰 9 月 19 日，央行发布公开市场业务 2025 年第 3 号公告，"为保持银行体系流动 性充裕，更好满足不同参与机构差异化资金需求，即日起，公开市场 14 天期逆 回购操作调整为固定数量、利率招标、多重价位中标，操作时间和规模将根据流 动性管理需要确定"。我们认为，主要有这三点影响： ❑ 风险提示 货币政策超预期变动；海外主要央行货币政策变更后对国内市场产生外溢效应； 狭义流动性向广义流动性加速传导。 http://www.stocke.com.cn 1/12 请务必阅读正文之后的免责条款部分 ❑ 第一，进一步明确了 7 天 ...

Core Viewpoint - The People's Bank of China (PBOC) has adjusted the 14-day reverse repurchase operation to a multi-price bidding system, indicating a shift in its liquidity management strategy and reinforcing the policy rate attribute of the 7-day reverse repurchase rate [1][3]. Group 1: Policy Rate Adjustment - The adjustment of the 14-day reverse repurchase operation to a multi-price bidding system means there will no longer be a unified bidding rate, allowing for better reflection of institutions' differentiated funding needs [3][5]. - The 7-day reverse repurchase rate has been established as the policy rate, with the 14-day rate previously considered to have a policy rate attribute due to its relation to the 7-day rate [3][5]. Group 2: Liquidity Management - The PBOC typically initiates 14-day reverse repurchase operations before major holidays to ensure liquidity, but the new announcement suggests a more flexible approach based on real-time liquidity management needs [7]. - The PBOC plans to conduct 14-day reverse repurchase operations on September 22, in addition to ongoing 7-day operations, to ensure sufficient short-term liquidity supply [7][9]. Group 3: Market Impact - The early initiation of the 14-day reverse repurchase operation this year, combined with a previous net injection of 300 billion yuan, is expected to alleviate preemptive funding demands from institutions ahead of the quarter-end and holidays [9]. - Future liquidity management will be more precise and efficient, allowing the PBOC to flexibly combine long, medium, and short-term operation types based on liquidity conditions and institutional demand [9].

（上接A01版）公开市场7天期逆回购操作利率的政策地位得以明确。但14天期逆回购操作利率长期以 来是7天期加15BP，也被市场参与者认为具有一定政策属性。 ● 本报记者 彭扬 9月19日，中国人民银行发布公告称，为保持银行体系流动性充裕，更好满足不同参与机构差异化资金 需求，即日起，公开市场14天期逆回购操作调整为固定数量、利率招标、多重价位中标，操作时间和规 模将根据流动性管理需要确定。 "启动14天期逆回购操作提前投放跨节资金，展现适度宽松的货币政策取向。"业内专家表示，近年来央 行通常在"十一"和春节长假前启动14天期逆回购操作，启动时间根据节假日安排和机构需求灵活调整， 以提前为机构提供跨节资金，保持流动性充裕。 本次14天期逆回购操作的启动时点略早于往年，使得实际占款日达到17天。叠加前期央行已经通过买断 式逆回购净投放了3000亿元资金，这有利于进一步缓解季末、长假前机构的预防性资金需求，保障跨 季、跨节资金面平稳。 从招标方式看，此次公告称，14天期逆回购采用美式招标，进一步强化了7天期逆回购操作利率的政策 地位。梳理近期央行工作可以发现，这是强化7天期逆回购政策利率地位的又一举措。 上述专家表 ...

Core Viewpoint - The People's Bank of China (PBOC) has announced adjustments to the 14-day reverse repurchase operations to maintain ample liquidity in the banking system and better meet the differentiated funding needs of various institutions [1][3]. Group 1: Policy Adjustments - The 14-day reverse repurchase operations will now be conducted through fixed quantity, interest rate bidding, and multiple price-level bidding, with operation time and scale determined based on liquidity management needs [1][4]. - This adjustment is expected to occur slightly earlier than in previous years, providing institutions with preemptive funding ahead of holidays [3]. Group 2: Market Impact - The PBOC has already injected 300 billion yuan through reverse repos, which will help alleviate the preventive funding needs of institutions before the quarter-end and holidays [3]. - The new bidding method allows for market-driven pricing, enhancing the ability of institutions to reflect their differentiated funding needs [3]. Group 3: Future Outlook - The PBOC aims to flexibly combine long, medium, and short-term operation varieties based on liquidity conditions and institutional demands, leading to more precise and efficient liquidity management [5].

9月19日，中国人民银行官网发布公告，宣布将14天期逆回购操作调整为固定数量、利率招标、多重价 位中标（即美式招标）。业内专家告诉记者，启动14天期逆回购操作提前投放跨节资金，展现适度宽松 的货币政策取向。 近年来央行通常在"十一"和春节长假前启动14天期逆回购操作，启动时间根据节假日安排和机构需求灵 活调整，以提前为机构提供跨节资金，保持流动性充裕。本次14天期逆回购操作的启动时点略早于往 年，使得实际占款日达到17天。 记者关注到，此次14天期逆回购调整为采用美式招标，业内专家分析称，这也进一步强化了7天期逆回 购操作利率的政策地位。记者还了解到，此次启动并调整14天期逆回购操作，是对央行流动性管理工具 箱的进一步优化。 叠加前期央行已经通过买断式逆回购净投放了3000亿元资金，这有利于进一步缓解季末、长假前机构的 预防性资金需求，保障跨季、跨节资金面平稳。 责编:陈玉尧 | 审核:李震 | 监审:古筝 （来源：央视财经 ） ...

Group 1 - The central bank announced the adjustment of the 14-day reverse repurchase operation to a fixed quantity, interest rate bidding, and multiple price bidding, indicating a moderately loose monetary policy direction [1] - The initiation of the 14-day reverse repurchase operation is slightly earlier than in previous years, with the actual occupation day reaching 17 days, aimed at providing cross-holiday funds to institutions [1] - The central bank has previously net injected 300 billion yuan through reverse repurchase operations, which helps alleviate the preventive funding needs of institutions before the quarter-end and holidays [1] Group 2 - The adjustment of the 14-day reverse repurchase operation reinforces the policy rate status of the 7-day reverse repurchase operation [2] - The change to multiple price bidding allows for market-driven pricing, reflecting differentiated funding needs of institutions, thus clarifying the policy rate attribute of the 7-day reverse repurchase operation [2] - The future flexibility in liquidity management will enable the central bank to better match long, medium, and short-term operation varieties based on liquidity conditions and institutional demands [2]

Core Viewpoint - The People's Bank of China (PBOC) has announced adjustments to the 14-day reverse repurchase operations to maintain ample liquidity in the banking system and better meet the differentiated funding needs of various institutions [1][3]. Group 1: Operational Adjustments - The 14-day reverse repurchase operations will now adopt a fixed quantity, interest rate bidding, and multiple price-level bidding approach, with operation timing and scale determined by liquidity management needs [1][4]. - This adjustment is expected to occur slightly earlier than in previous years, aligning with the PBOC's historical practice of initiating such operations before major holidays to ensure sufficient cross-holiday funding [3]. Group 2: Market Impact - The new bidding method allows for a more market-driven pricing mechanism, reflecting the differentiated funding demands of institutions, and clarifies the policy rate status of the 7-day reverse repurchase operations [4]. - The adjustment to the 14-day reverse repurchase operations is seen as an optimization of the PBOC's liquidity management toolkit, indicating a more flexible approach to managing liquidity beyond just pre-holiday periods [4][5]. Group 3: Future Outlook - The PBOC is expected to flexibly combine long, medium, and short-term operation varieties based on liquidity conditions and institutional needs, leading to more precise and efficient liquidity management [5].

Core Viewpoint - The People's Bank of China (PBOC) has announced an adjustment to the 14-day reverse repurchase operation, shifting to a fixed quantity, interest rate bidding, and multiple price bidding, which reinforces the policy status of the 7-day reverse repurchase operation [1][2]. Group 1 - The adjustment to the 14-day reverse repurchase operation is seen as another measure to strengthen the policy rate status of the 7-day reverse repurchase operation [2]. - The 14-day reverse repurchase rate has historically been set at 7-day rate plus 15 basis points, indicating its policy attribute [2]. - The new multiple price bidding format allows for a more market-driven pricing mechanism, reflecting differentiated funding needs among institutions [2]. Group 2 - The adjustment is part of an ongoing optimization of the PBOC's liquidity management toolkit [3]. - The operation's timing and scale will be determined based on liquidity management needs, indicating a more flexible approach compared to previous practices [4]. - Historically, the 14-day reverse repurchase operation was initiated before major holidays, but the new approach allows for earlier initiation to better meet institutions' preventive funding needs [4]. Group 3 - The PBOC has already injected 300 billion yuan through reverse repos, which aids in alleviating funding demands before quarter-end and holiday periods [4]. - Future operations will be more flexible, allowing the PBOC to adjust the mix of long, medium, and short-term instruments based on liquidity conditions and institutional needs [4].

Core Viewpoint - The People's Bank of China (PBOC) has adjusted the 14-day reverse repurchase operation to a fixed quantity, interest rate bidding, and multiple price bidding, which is expected to enhance the policy status of the 7-day reverse repurchase operation rate [1][2]. Group 1 - The adjustment of the 14-day reverse repurchase operation is seen as a further optimization of the PBOC's liquidity management toolbox [3]. - The new operation will be more flexible, allowing for adjustments based on liquidity management needs rather than being limited to specific periods like before the Spring Festival or National Day [3]. - The early initiation of the 14-day reverse repurchase operation will result in an actual occupation day of 17 days, which is beneficial for addressing the preventive funding needs of institutions before the quarter-end and holiday periods [3]. Group 2 - The change to a multiple price bidding system for the 14-day reverse repurchase operation allows for a more market-driven pricing mechanism, reflecting the differentiated funding needs of institutions [2]. - The PBOC's recent actions indicate a clearer policy rate property for the 7-day reverse repurchase operation, reinforcing its importance in the monetary policy framework [2]. - The PBOC has already injected 300 billion yuan through a buyout reverse repurchase, which aids in maintaining liquidity stability across quarters and holidays [3].

Core Viewpoint - The People's Bank of China (PBOC) has announced adjustments to the 14-day reverse repurchase operations to maintain ample liquidity in the banking system and better meet the differentiated funding needs of various institutions [1][4]. Group 1: Reverse Repo Operations - The 14-day reverse repurchase is a short-term liquidity adjustment tool where the central bank buys government bonds and sells them back after 14 days, aimed at releasing short-term funds to meet market liquidity demands [4]. - The recent operation on September 23, 2024, involved a fixed rate and quantity tender, with 1,601 billion yuan for the 7-day and 745 billion yuan for the 14-day reverse repos, where the 14-day rate was set at 15 basis points above the 7-day rate [4]. - The adjustment to fixed quantity, rate tender, and multiple price bidding for the 14-day reverse repo strengthens the policy position of the 7-day reverse repo rate, which has been emphasized as the main policy rate by the PBOC [6]. Group 2: Liquidity Management - The initiation of the 14-day reverse repo operation earlier than in previous years allows for a 17-day actual occupation period, which, combined with a prior net injection of 300 billion yuan, helps alleviate preemptive funding needs before the quarter-end and holidays [6]. - The announcement indicates that the timing and scale of the 14-day reverse repo operations will be determined based on liquidity management needs, suggesting a more flexible approach compared to past practices [7]. - Future operations may involve a combination of long, medium, and short-term instruments to smooth out the rhythm of fund injection and withdrawal, leading to more precise and efficient liquidity management [7].