中国央行：今日开展930亿元7天逆回购操作，投标量930亿元，中标量930亿元，操作利率为1.40%，与 此前持平。因今日有562亿元7天期逆回购到期，当日实现净投放368亿元。本周，中国央行共开展4227 亿元7天期逆回购操作，因本周共有4575亿元7天期逆回购和3000亿元1年期中期借贷便利(MLF)到期， 本周实现净回笼3348亿元。 ...

Report Summary 1. Market Data Overview Currency Market - DRO01 closed at 1.27 with a -0.11 bp change; DR007 at 1.44 with a 0.21 bp change; GC001 at 1.48 with a 26.00 bp change; GC007 at 1.57 with a 6.50 bp change; SHBOR 3M at 1.60 with a -0.08 bp change; LPR 5 - year at 3.50 with no change; 1 - year treasury at 1.36 with a -1.22 bp change; 5 - year treasury at 1.60 with a -1.49 bp change; 10 - year treasury at 1.83 with a -0.50 bp change; 10 - year US treasury at 4.16 with a 4.00 bp change [4] - Last week, the central bank conducted 657.5 billion yuan of reverse repurchase operations. With 668.5 billion yuan of reverse repurchases maturing, there was a net withdrawal of 1.1 billion yuan. Also, 40 billion yuan of 182 - day repurchase agreements and 8 billion yuan of treasury cash deposits matured, and the central bank carried out 60 billion yuan of 182 - day repurchase agreements. Additionally, 10 billion yuan of 14 - day reverse repurchase operations were conducted on Thursday and Friday [4] - This week, 457.5 billion yuan of reverse repurchases will mature (130.9 billion on Monday, 135.3 billion on Tuesday, 46.8 billion on Wednesday, 88.3 billion on Thursday, 56.2 billion on Friday). Also, 12 billion yuan of treasury cash deposits will mature on Monday and 30 billion yuan of MLF on Thursday. The central bank restarted 14 - day reverse repurchase operations to maintain market liquidity [5] Stock Index Market - Last week, CSI 300 fell 0.28% to 4568.2; SSE 50 rose 0.32% to 3004.3; CSI 500 remained flat at 7169.6; CSI 1000 fell 0.56% to 7329.8. Among Shenwan primary industry indices, commerce & retail (6.7%), non - bank finance (2.9%), social services (2.7%), basic chemicals (2.6%), and textile & apparel (2.2%) led the gains, while electronics (-3.3%), power equipment (-3.1%), machinery (-1.6%), comprehensive (-1.5%), and communication (-0.9%) led the losses [6] - As of the latest data, CSI 300 closed at 4568 with a 0.34% change; IF current - month contract at 4572 with a 0.5% change; SSE 50 at 3004 with a 0.19% change; IH current - month contract at 3004 with a 0.3% change; CSI 500 at 7170 with a 0.97% change; IC current - month contract at 7171 with a 1.0% change; CSI 1000 at 7330 with a 0.79% change; IM current - month contract at 7335 with a 0.8% change. IF trading volume was 138,604 (-5.1%), and open interest was 268,202 (-5.0%); IH trading volume was 62,859 (7.3%), and open interest was 84,913 (-1.4%); IC trading volume was 146,482 (0.0%), and open interest was 253,109 (-4.0%); IM trading volume was 219,389 (-2.3%), and open interest was 354,958 (-5.2%) [6] 2. Core Viewpoints - In the short term, stock indices are expected to continue their weak performance due to the decline in market risk appetite near the year - end, poor November economic data, and limited policy signals from recent important meetings. However, the market adjustment since mid - November has opened up space for the upward movement of stock indices next year, providing a layout window. Investors can consider gradually establishing long positions during the adjustment phase and use the discount structure of stock index futures to optimize long - term investment costs and odds [7]

1. 公开市场操作 央行公告称，12月19日以固定利率、数量招标方式开展了562亿元7天期逆回购操作，操作利率1.40%，投标量562亿元，中标量562亿元。同时，以固定数 量、利率招标、多重价位中标方式开展了1000亿元14天期逆回购操作。Wind数据显示，当日1205亿元逆回购到期，据此计算，单日净投放357亿元。当周 净回笼110亿元。 Wind数据显示，12月22日-26日当周央行公开市场将有4575亿元逆回购到期，12月22日将有1200亿元国库现金定存到期，12月25日将有3000亿元MLF到 期。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 银行间市场资金面整体继续保持宽松，DR001加权平均利率小降并停留在1.27%附近。匿名点击（X-repo）系统上，隔夜报价仍在1.25%，供给在近千亿水 平。非银机构质押信用债融入隔夜资金报价在1.45%-1.48%左右。交易员表示，年内资金供给充沛，价格维持低位，14天逆回购继续投放稳预期，此外预 计年底应该还有财政资金投放驰援。 海外方面，最新美国隔夜融资担保利率为3.69%。 （IMM） // 债市综述 // 4. 银行间主要利率债收益 ...

央行网站12月19日消息，央行今日开展562亿元7天逆回购操作，操作利率为1.40%，与此前持平。同时，以固定数量、利率招标、多重价 位中标方式开展了1000亿元14天期逆回购操作。因今日有1205亿元7天期逆回购到期，当日实现净投放357亿元。 图片来源：央行网站 | 期限 | 操作利率 | 投标量 | 中标量 | | --- | --- | --- | --- | | 7天 | 1.40% | 562亿元 | 562亿元 | ...

Core Viewpoint - The People's Bank of China (PBOC) has resumed 14-day reverse repurchase operations for the first time in nearly three months, indicating a proactive approach to manage liquidity as the year-end approaches [1]. Group 1: Reverse Repo Operations - On December 18, the PBOC conducted a 7-day reverse repo operation of 883 billion yuan and a 14-day reverse repo operation of 1 trillion yuan [1]. - The last 14-day reverse repo operation was conducted on September 26, highlighting the significance of this recent action [1]. - The scale of the 14-day reverse repo operation is slightly above the average level of the past few years, reflecting the financial institutions' demand for funds and the PBOC's liquidity control objectives [1]. Group 2: Market Stability and Liquidity Management - The resumption of the 14-day reverse repo is aimed at smoothing out liquidity fluctuations due to year-end factors such as bank assessments, fiscal revenue and expenditure, and cash withdrawals by residents [1]. - This operation is expected to help stabilize market expectations and facilitate the transmission of monetary policy [1]. - The PBOC is likely to continue conducting both 7-day and 14-day reverse repo operations to effectively manage short-term liquidity fluctuations as the year-end approaches [1].

Core Viewpoint - The People's Bank of China (PBOC) has conducted a total of 883 billion yuan 7-day reverse repos at a fixed rate of 1.40% and 1,000 billion yuan 14-day reverse repos to manage liquidity ahead of year-end financial assessments and cash withdrawal demands [1][5]. Group 1: Reverse Repo Operations - The PBOC executed 883 billion yuan in 7-day reverse repos, maintaining the interest rate at 1.40% [1][4]. - A 1,000 billion yuan 14-day reverse repo operation was also conducted, which is slightly above the average scale of previous years [5]. - The simultaneous execution of both 7-day and 14-day reverse repos indicates a flexible approach to managing liquidity across different time frames [5]. Group 2: Market Liquidity Management - The 14-day reverse repo is aimed at smoothing out liquidity fluctuations and ensuring a stable and ample market liquidity environment as year-end approaches [5]. - Analysts expect the PBOC to utilize various liquidity management tools to enhance the precision and effectiveness of short- to medium-term liquidity management [6]. - The focus of monetary policy remains on creating a stable financial environment for the real economy, ensuring that liquidity tools effectively stabilize short-term fluctuations and guide reasonable interest rates [6].

Core Viewpoint - The People's Bank of China (PBOC) has initiated a total of 1,883 billion yuan in reverse repos, including 883 billion yuan for a 7-day term and 1,000 billion yuan for a 14-day term, to stabilize market liquidity as year-end financial pressures mount [1][2][4]. Group 1: Reverse Repo Operations - The PBOC conducted a 7-day reverse repo operation of 883 billion yuan at an interest rate of 1.40% [1]. - The 14-day reverse repo operation, reintroduced after nearly three months, amounts to 1,000 billion yuan, which is slightly above the average level for the same period in previous years [2][4]. - The 14-day reverse repo serves as a tool for short-term liquidity adjustment, allowing financial institutions to access funds while providing collateral in the form of government bonds [3]. Group 2: Market Impact and Strategy - The timing of the 14-day reverse repo aligns with year-end practices, as financial institutions face increased liquidity demands due to year-end assessments and potential cash withdrawals by residents [4]. - The operations aim to smooth out year-end liquidity fluctuations, ensuring that market liquidity remains ample and preventing spikes in interest rates [4]. - The PBOC's approach is characterized as a measured response to actual funding needs, balancing liquidity support without excessive market flooding [4]. Group 3: Future Monetary Policy Outlook - The central economic work conference emphasized the continuation of a moderately loose monetary policy, focusing on stable economic growth and reasonable price recovery [5]. - The PBOC is expected to utilize a combination of short-term and medium-term tools to manage liquidity effectively, including potential further reverse repos and MLF operations [6]. - A possible reserve requirement ratio (RRR) cut is anticipated in January 2026, which could inject approximately 1 trillion yuan into the market, supporting lending and signaling a commitment to economic stability [6].

Core Viewpoint - The People's Bank of China (PBOC) has resumed 14-day reverse repos for the first time in nearly three months, signaling a flexible and efficient monetary policy aimed at balancing liquidity supply and demand, and stabilizing market expectations [1] Group 1: Monetary Policy Actions - On December 18, the PBOC conducted a 7-day reverse repo operation of 883 billion yuan and a 14-day reverse repo operation of 1 trillion yuan [1] - The simultaneous execution of both 7-day and 14-day reverse repos indicates a flexible arrangement in terms of maturity structure [1] Group 2: Market Implications - The PBOC's actions are intended to address temporary liquidity gaps in the banking system caused by cash injections and fiscal revenue and expenditure factors, while avoiding potential issues such as fund idling and rising leverage [1] - The focus of monetary policy will remain on creating a stable and suitable financial environment for the real economy, ensuring ample liquidity while effectively guiding funds into key areas and weak links of the national economy [1]

Open Market Operations - The central bank announced a 468 billion yuan reverse repurchase operation on December 17, with a fixed rate of 1.40% and a bid amount of 468 billion yuan, resulting in a net withdrawal of 1430 billion yuan for the day due to 1898 billion yuan of reverse repos maturing [1][2]. Funding Conditions - The interbank market maintained a loose funding condition as the tax period ended, with overnight repo weighted average rates (DR001) at 1.26%, anonymous click (X-repo) overnight quotes at 1.25%, and non-bank institutions borrowing against credit bonds at 1.43%-1.45% [3][4]. - The latest overnight financing rate in the U.S. was reported at 3.75% [3]. Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks was around 1.67%, showing little change from the previous day [7]. Government Bond Futures - The closing prices for government bond futures showed an increase, with the 30-year main contract rising by 0.63%, the 10-year by 0.1%, the 5-year by 0.06%, and the 2-year by 0.01% [11]. Fiscal Data - From January to November, the national general public budget revenue reached 200516 billion yuan, a year-on-year increase of 0.8%, with tax revenue at 164814 billion yuan, up 1.8%. Notably, stamp duty revenue was 4044 billion yuan, increasing by 27%, with securities transaction stamp duty at 1855 billion yuan, up 70.7% [12]. - In the same period, Sichuan province's industrial added value grew by 6.8%, and retail sales totaled 26395.7 billion yuan, up 5.5% [12]. - Shaanxi province's industrial added value increased by 7.5%, with mining up 9.5%, manufacturing up 5.4%, and utilities up 4.6% [12]. Global Macro Indicators - In the UK, November CPI decreased by 0.2% month-on-month, the largest drop since July 2024, with a year-on-year increase of 3.2% [14]. - Japan's November exports rose by 6.1% year-on-year, exceeding expectations, while imports increased by 1.3% [14]. Bond Market Events - The Ministry of Finance issued two short-term treasury bonds totaling 1000 billion yuan [16]. - China Bank fully redeemed 20 billion yuan of perpetual bonds [16]. - Yuexiu Property plans to issue up to 1.77 billion yuan in dim sum bonds [16]. - Poly Development received approval to publicly issue up to 15 billion yuan in corporate bonds [17].

央行公开市场开展1186亿元7天期逆回购操作，操作利率1.40%。Wind数据显示，今日1808亿元逆回购 到期。 央行公开市场开展1186亿元7天期逆回购操作，操作利率1.40%。Wind数据显示，今日1808亿元逆回购 到期。 ...