Group 1 - The People's Bank of China (PBOC) conducted a 300 billion MLF operation on June 25, with a one-year term, marking the fourth consecutive month of increased MLF operations since March 2025 [1] - In June, 1.82 trillion MLF matured, resulting in a net injection of 1.18 trillion through MLF for the month [1] - The PBOC also announced a 1 trillion three-month reverse repo operation and a subsequent 400 billion six-month reverse repo operation, achieving a net injection of 200 billion through reverse repos in June [3] Group 2 - The PBOC's liquidity management has been proactive, with a total net liquidity injection of 3.18 trillion in June, including a 1 trillion reserve requirement cut released in May [3] - The chief economist of China Minsheng Bank noted that liquidity supply and demand issues are more pronounced mid-year, prompting the PBOC to maintain strong liquidity support [3][4] - As the end of the quarter approaches, the PBOC's MLF operations are aimed at stabilizing market expectations and alleviating long-term funding pressures in the banking system [3][4] Group 3 - Recent liquidity concerns have eased significantly, with overnight repo rates and one-year deposit rates declining, indicating a more stable funding environment [4] - The chief economist anticipates increased liquidity pressure in July due to tax payments and government bond issuances, estimating a liquidity gap of around 1 trillion [4] - The PBOC is expected to continue using various liquidity management tools, including reverse repos and MLF, to meet liquidity demands and signal stability [4][5] Group 4 - Looking ahead, monetary policy is expected to focus on expanding domestic demand and stabilizing growth, with MLF likely to continue its increased operations [5] - The coordination between monetary and fiscal policies is emphasized, with MLF and reverse repos playing a crucial role in maintaining stable liquidity levels [5] - This approach aims to enhance banks' lending capabilities and support the real economy, mitigating external economic fluctuations [5]

Core Viewpoint - The People's Bank of China (PBOC) is implementing measures to maintain ample liquidity in the banking system, including a 300 billion MLF operation and multiple reverse repos, indicating a moderately accommodative monetary policy to stabilize market expectations and support financing needs [1][2]. Group 1 - The PBOC will conduct a 300 billion MLF operation with a one-year term on June 25, 2025, marking a net injection of 118 billion MLF in June, the fourth consecutive month of increased liquidity [1]. - In June, the PBOC executed two reverse repo operations, injecting a total of 2 trillion yuan, which is the first time such operations were announced twice in one month [1]. - The combination of MLF and reverse repos aims to ensure sufficient liquidity at the end of the half-year period, addressing the impact of government bond issuance on liquidity [1][2]. Group 2 - The recent liquidity conditions are influenced by large-scale government bond issuances and a peak in interbank certificates of deposit maturities, necessitating a stable liquidity environment [2]. - The PBOC's liquidity management tools are well-stocked and diversified, with a clear focus on providing one-year liquidity through MLF, while also utilizing various short- and medium-term tools [2]. - Anticipation of liquidity disturbances in July due to tax payments and government bond issuance suggests that the PBOC will continue to use MLF and reverse repos to meet liquidity demands and signal stability [3].

Group 1 - The central bank announced a 300 billion MLF operation to maintain liquidity, with a net injection of 118 billion due to the maturity of 182 billion MLF in June [1] - June is a traditional month for credit issuance, with significant seasonal increases in bank reserve requirements impacting liquidity [2] - The central bank's proactive measures, including reverse repos and MLF operations, aim to stabilize market expectations and support credit issuance [3] Group 2 - The upcoming tax month in July and increased government bond issuance will create significant liquidity pressure, potentially reaching 1 trillion [4] - The central bank is expected to continue using various liquidity management tools, including reverse repos and MLF, to meet liquidity needs and signal stability [4] - The anticipated peak in government bond supply in August and September will increase pressure on banks, necessitating ongoing support from the central bank [4]

Core Viewpoint - The People's Bank of China (PBOC) has implemented a moderately accommodative monetary policy in 2023, utilizing various tools to maintain ample liquidity and support economic recovery [1][2][5]. Group 1: Monetary Policy Tools - The PBOC has employed multiple monetary policy tools, including reserve requirement ratios, open market operations, Medium-term Lending Facility (MLF), and re-lending to ensure sufficient liquidity in the banking system [1][2]. - In the first half of the year, the PBOC conducted 7-day reverse repos and, when necessary, 14-day reverse repos to meet the needs of primary dealers, injecting a total of 2.6 trillion yuan across the Spring Festival period [2]. - The MLF operations totaled 23.5 trillion yuan in the first half of the year, with a fixed quantity and interest rate bidding system introduced in March [2][3]. Group 2: Liquidity Management - The PBOC has introduced a buyout-style reverse repo operation to fill the gap between 7-day reverse repos and 1-year MLF, enhancing liquidity management precision [3]. - As of now, the PBOC has conducted 47 trillion yuan in 3-month buyout reverse repos and 25 trillion yuan in 6-month buyout reverse repos this year [3]. - The PBOC has also utilized the Standing Lending Facility (SLF) to provide short-term liquidity support to local financial institutions, with a total of 240.82 billion yuan in SLF operations in the first five months [4]. Group 3: Future Expectations - Experts predict that the PBOC will continue to adopt a loose monetary policy in the second half of the year, with potential for further interest rate cuts and reserve requirement ratio reductions [5][6]. - The anticipated interest rate cut could range from 10 to 30 basis points, while reserve requirement ratio cuts may be between 25 to 50 basis points [5]. - There is a possibility of resuming government bond trading operations in the second half of the year, depending on market conditions [6][7].

Group 1 - The People's Bank of China (PBOC) conducted a reverse repurchase operation of 220.5 billion yuan at a fixed rate of 1.4% on June 23, resulting in a net withdrawal of 21.5 billion yuan after 242 billion yuan of reverse repos matured on the same day [1] - The interbank market's 7-day repo rate (DR007) remained stable, averaging 1.53% in June, with a closing rate of 1.5075% on June 23 [1] - Analysts expect the liquidity in June to remain stable across the quarter-end, supported by previous large-scale reverse repo operations and increased fiscal spending [1][2] Group 2 - The PBOC has conducted significant reverse repo operations in June, including 1 trillion yuan for 3-month and 400 billion yuan for 6-month terms, resulting in a net injection of 200 billion yuan after offsetting maturing repos [2] - Current funding prices are relatively low, and the supply of funds is ample, with banks maintaining a high willingness to lend [2] - The PBOC is likely to continue its trend of excess Medium-term Lending Facility (MLF) operations, which is expected to support liquidity in the banking system amid large-scale government bond issuances [3]

事件 6月13日央行发布公告，"为保持银行体系流动性充裕，2025年6月16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4000亿元买断式逆回购操作，期限为6个月（182天）。"。 要点解读如下 在6月5日央行打破月末公告买断式逆回购操作惯例，于月初公告开展10000亿元3个月期买断式逆回购操 作后，6月13日再度发布公告，开展4000亿元6个月期买断式逆回购操作。数据显示，6月分别有5000亿 元3个月期和7000亿元6个月期买断式逆回购到期。这意味着截至6月16日，当月央行将实施2000亿元买 断式逆回购净投放。 在5月央行降准释放约10000亿元长期流动性基础上，6月买断式逆回购加量，继续加大中期流动性投 放： 一方面有助于在政府债券持续大规模发行、近月银行同业存单到期规模处于"高峰期"阶段，保持银行体 系流动性持续处于充裕状态，控制资金面波动。 另一方面，这也释放了数量型货币政策工具持续加力的政策信号，有助于推动宽信用进程，强化逆周期 调节。最后，买断式逆回购操作从月末披露到提前发布，显示货币政策操作透明度增加，能够更为有效 引导和稳定市场预期。 我们判断，接下来央行还会综合运用质押 ...

Core Viewpoint - The People's Bank of China (PBOC) is implementing a series of monetary policy measures to ensure sufficient liquidity in the banking system, particularly in June, which is a critical period for liquidity assessment due to the maturity of interbank certificates of deposit and other factors [1][6]. Group 1: Monetary Policy Actions - On June 16, 2025, the PBOC will conduct a 400 billion yuan reverse repurchase operation with a six-month term to maintain liquidity [1]. - In June, the PBOC has conducted a total of 1.4 trillion yuan in reverse repurchase operations, including a 1 trillion yuan operation on June 6 [4][7]. - The PBOC's early announcement of reverse repurchase operations in June is aimed at creating a stable liquidity environment for the month [6]. Group 2: Market Impact and Expectations - The net injection of liquidity in June is expected to be 200 billion yuan, with 500 billion yuan from three-month reverse repos and 300 billion yuan from six-month reverse repos [7]. - Analysts predict that the government's bond issuance pressure in June may be lower than in May, but the PBOC will continue to provide liquidity support through various tools [7][8]. - The PBOC's recent measures, including interest rate cuts and structural monetary policy tools, are anticipated to enhance credit availability for enterprises and households, thereby reducing financing costs in the real economy [8]. Group 3: Transparency and Policy Communication - The PBOC has increased the transparency of its monetary policy operations by releasing an operational status table for various tools, which helps stabilize market expectations [6][7]. - The shift from announcing operations at the end of the month to early announcements reflects a more proactive approach to liquidity management [6].

6月买断式逆回购将实现净投放！中国人民银行6月13日发布的公告显示，为保持银行体系流动性充裕， 6月16日将以固定数量、利率招标、多重价位中标方式开展4000亿元买断式逆回购操作，期限为6个月。 业内专家表示，考虑到6月全月共有1.2万亿元买断式逆回购到期，全月将实现买断式逆回购净投放。 6月初，中国人民银行公告开展1万亿元3个月期买断式逆回购操作，为保持全月总体流动性充裕营造良 好基础。此举也打破了以往月末公告当月相关操作数据的惯例，让市场吃下定心丸。 "本次买断式逆回购操作后，6月将实现5000亿元3个月期买断式逆回购净投放，以及3000亿元6个月期买 断式逆回购净回笼，共计2000亿元资金净投放。"中信证券首席经济学家明明表示，预计6月政府债发行 压力或低于5月，但考虑到既要对冲政府债发行压力，又要兼顾货币工具到期续作，预计6月中期借贷便 利（MLF）也可能延续净投放。 "6月处于半年末流动性考核的关键节点，叠加同业存单大规模到期等因素，全月金融机构对流动性需求 较高。"业内专家表示，中国人民银行提前提供中期资金支持，体现了对市场的呵护。预计下一步中国 人民银行将综合运用多种货币政策工具，保持流动性合理 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View - The central bank uses short - and medium - term liquidity management tools to keep mid - year liquidity reasonably abundant. Short - term fluctuations in stock indices are dominated by overseas factors. The results of short - term Sino - US trade negotiations are relatively positive, leading to a relatively strong market oscillation. However, caution is needed regarding the repeated signals of Sino - US tariffs when operating [4][6] 3. Summary by Relevant Catalog 3.1 Monetary Market - **Interest Rates**: DRO01 closed at 1.37 with a 0.48bp increase, DR007 at 1.53 with a 2.13bp increase, GC001 at 1.53 with a 2.00bp increase, GC007 at 1.58 with a 2.50bp increase. SHBOR 3M was 1.64 with a - 0.30bp change, LPR 5 - year was 3.50 with a - 10.00bp change. 1 - year, 5 - year, and 10 - year Chinese treasury bonds were at 1.41 (-0.50bp), 1.50 (-0.60bp), and 1.64 (-1.45bp) respectively, and 10 - year US treasury bonds were at 4.47 (-2.00bp) [3] - **Central Bank Operations**: The central bank conducted 1640 billion yuan of 7 - day reverse repurchase operations at an interest rate of 1.40%. With 2149 billion yuan of reverse repurchases maturing, the net withdrawal was 509 billion yuan. This week, 9309 billion yuan of reverse repurchases will mature in the central bank's open market, with 1265 billion and 1350 billion yuan maturing on Thursday and Friday respectively [3][4] 3.2 Stock Index Futures Market - **Stock Index Performance**: The CSI 300 rose 0.75% to 3894.6, the SSE 50 rose 0.59% to 2692.1, the CSI 500 rose 0.61% to 5792.9, and the CSI 1000 rose 0.4% to 6186.5. The trading volume of the two markets was 12555 billion yuan, a decrease of 1599 billion yuan from the previous day. Most industry sectors closed higher [5] - **Futures Contracts**: For futures contracts, IF, IH, IC, and IM of the current - month contracts had certain price changes and volume/position changes. For example, IF current - month contract rose 1.0%, its trading volume increased 13.3%, and its open interest increased 5.1% [5] - **Premium and Discount Situation**: The premium and discount rates of IF, IH, IC, and IM contracts for different delivery months are provided. For example, the IF current - month contract had a premium rate of 16.48% [7]

英国央行官员：银行应准备改变流动性管理方式 金十数据6月11日讯，英国央行高级官员Vicky Saporta周三表示，在英国运营的银行应准备改变其流动 性管理方式，并更多地利用英国央行的工具，因英国央行正在进行的债券出售和其他贷款偿还消耗了流 动性。Saporta说，英国央行估计，金融体系最早可能在明年第二季度达到其"首选的最低准备金范 围"。"企业现在必须充分考虑不断变化的流动性环境，以及在此基础上寻找储备的计划，" Saporta在芬 兰央行发表讲话时表示。她补充称："这意味着定期从英国央行借入更多资金，考虑它们的市场准入， 定期测试业务，并积极考虑预先配置的抵押品水平。" ...