Core Viewpoint - The People's Bank of China conducted a reverse repurchase operation of 78.3 billion yuan with a 7-day maturity at a fixed interest rate of 1.40% on November 3, 2025 [1] Group 1: Reverse Repo Operation Details - The operation involved a total bid amount of 78.3 billion yuan, which was fully accepted [1] - The interest rate for the 7-day reverse repurchase agreement was set at 1.40% [1]

Core Viewpoint - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 342.6 billion yuan at a fixed interest rate of 1.40% on October 30, 2025 [1] Summary by Category Reverse Repo Operation Details - The operation was for a 7-day term with an interest rate of 1.40% [1] - The total bidding amount was 342.6 billion yuan, which matched the amount awarded [1]

Core Viewpoint - The central bank conducted a reverse repurchase operation of 342.6 billion yuan with a rate of 1.40%, maintaining the previous level [1] Group 1 - The central bank's reverse repurchase operation amount was 342.6 billion yuan [1] - The operation interest rate remained unchanged at 1.40% [1]

Group 1: Market Interest Rates and Central Bank Operations - DR001 closed at 1.47 with a 1.62bp increase, DR007 at 1.56 with a 2.34bp decrease, GC001 at 1.67 with a 26.00bp increase, and GC007 at 1.64 with a 0.50bp increase. SHBOR 3M was at 1.60 with a 0.40bp increase, and LPR 5 - year remained at 3.50 with no change. 1 - year, 5 - year, 10 - year Chinese treasury bonds closed at 1.43 (-0.50bp), 1.54 (-4.75bp), and 1.81 (1.75bp) respectively, while 10 - year US treasury bonds closed at 3.97 with a 1.70bp decrease [4] - The central bank conducted 4753 billion yuan of 7 - day reverse repurchase operations at an interest rate of 1.40% yesterday. With 1595 billion yuan of reverse repurchases maturing, the net daily investment was 3158 billion yuan [4] Group 2: Central Bank's Policy Announcement - Central Bank Governor Pan Gongsheng said on October 27 that the central bank suspended treasury bond trading at the beginning of this year due to supply - demand imbalance and accumulated market risks in the bond market. Now that the bond market is operating well, it will resume open - market treasury bond trading operations [5] Group 3: Stock Index Performance - The CSI 300, SSE 50, CSI 500, and CSI 1000 closed at 4692 (-0.51%), 3050 (-0.62%), 7341 (-0.52%), and 7479 (-0.22%) respectively. The trading volume of the two stock markets was 21479 billion yuan, a decrease of 1923 billion yuan from the previous day. Shipbuilding, shipping ports, automotive services, aerospace, railways, and airports led the gains, while precious metals, energy metals, wind power equipment, steel, non - ferrous metals, and beauty care led the losses [6] - The stock index rose and then fell yesterday. The Shanghai Composite Index briefly broke through the 4000 - point mark but entered a volatile phase due to lack of significant volume. In the short term, with the easing of Sino - US trade frictions, the stock index may return to an upward trend. In the medium - to - long - term, there is still room for growth, and the strategy is to buy on dips and use the discount structure of stock index futures to enhance long - term long - position strategies [7] Group 4: Stock Index Futures Premium and Discount - The premium and discount rates of IF, IH, IC, and IM contracts vary across different delivery months. For example, IF's current - month contract has a 3.10% premium, IH's current - month contract has a 0.39% discount, IC's current - month contract has an 11.11% premium, and IM's current - month contract has a 14.08% premium [8]

Core Points - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 557.7 billion yuan at a fixed interest rate of 1.40% on October 29, 2025 [1] Summary by Category Reverse Repo Operation - The operation was conducted with a total bid amount of 557.7 billion yuan, which was also the amount awarded [1] - The interest rate for the 7-day reverse repurchase agreement was set at 1.40% [1]

人民财讯10月29日电，央行今日开展5577亿元7天期逆回购操作，操作利率为1.40%，与此前持平。 ...

据中国人民银行官网消息，2025年10月28日中国人民银行以固定利率、数量招标方式开展了4753亿元7天期逆回购操作。 | | | | 中国人民银行 THE PEOPLE'S BANK OF CHINA | | 货币政策司 Monetary Policy Department | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 信息公开 | 新闻发布 | 法律法规 | 货币政策 | 宏观审慎 | 信貸政策 | 全融市场 | 金融稳定 | 调查统计 | 银行会计 | 支付体系 | | | 金融科技 | 人民币 | 经理国库 | 国际交往 | 人员招录 | 学术交流 | 征信管理 | 反洗钱 | 党建工作 | | | 服务互动 | 政务公开 | 政策解读 | 公告信息 | 图文直播 | 央行研究 | 音频视频 | 市场动态 | 网上展厅 | 报告下载 | 报刊年整 | | | 网送文告 | 办事大厅 | 在线申报 | 下载中心 | 网上调查 | 意见征集 | 金融知识 | 关于我们 | | | | 首页 ...

Core Viewpoint - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 337.3 billion yuan at a fixed interest rate of 1.40% on October 27, 2025 [1]. Summary by Category Reverse Repo Operation - The operation involved a total bid amount of 337.3 billion yuan, which matched the amount awarded [1]. - The interest rate for the 7-day reverse repurchase agreement was set at 1.40% [1].

Report Summary 1. Market Data Overview - DR001 closed at 1.32 with a 0.26 bp increase, DR007 at 1.43 with a 1.06 bp decrease, GC001 at 1.49 with a 39.00 bp increase, and GC007 at 1.49 with a 3.50 bp increase [3] - SHBOR 3M closed at 1.59 with a 0.60 bp increase, LPR 5 - year at 3.50 with no change, 1 - year国债 at 1.48 with a 0.50 bp increase, 5 - year国债 at 1.58 with a 0.25 bp increase, 10 - year国债 at 1.83 with a 0.50 bp decrease, and 10 - year美债 at 3.97 with a 1.40 bp decrease [3] - The central bank conducted 1382 billion yuan of 7 - day reverse repurchase operations yesterday, with 435 billion yuan of reverse repurchases maturing, resulting in a net injection of 947 billion yuan [3] 2. LPR and Reverse Repurchase Maturing - In October 2025, the 1 - year LPR remained at 3.0% and the 5 - year above LPR at 3.5% [4] - This week, 7891 billion yuan of reverse repurchases will mature in the central bank's open market, with 2538 billion, 910 billion, 435 billion, 2360 billion, and 1648 billion maturing from Monday to Friday respectively [4] 3. Stock Index Performance - The CSI 300 fell 0.33% to 4592.6, the SSE 50 rose 0.09% to 3010.1, the CSI 500 fell 0.8% to 7128.5, and the CSI 1000 fell 0.43% to 7312.2 [5] - Industry sectors had more decliners than gainers. Sectors with top gains included mining, wind power equipment, real estate services, construction machinery, and real estate development, while sectors with top losses included precious metals, jewelry, shipbuilding, coal, and gas [5] - The trading volume of the Shanghai and Shenzhen stock markets was only 16679 billion yuan, a decrease of 2060 billion yuan from the previous day [5] 4. Market Outlook - The stock index continued to fluctuate yesterday, and the market trading volume further shrank to around 1.67 trillion yuan [6] - The Fourth Plenary Session of the 20th CPC Central Committee was held in Beijing from October 20 - 23, studying and formulating suggestions for the "15th Five - Year Plan." Specific sectors are expected to be boosted by policies [6] - US President Trump said that China and the US will reach an agreement on trade issues at the APEC Summit next week, but the two heads of state may not meet [6] - As the negative factors of trade friction gradually ease, the stock index is expected to return to the upward channel. Before November 1 when the 100% US tariff takes effect, the stock index is expected to fluctuate [6] 5. Futures Premium and Discount - IF premium/discount rates for the current - month, next - month, current - quarter, and next - quarter contracts were 4.92%, 4.00%, 2.96%, and 3.06% respectively [7] - IH premium/discount rates were 2.63%, 0.94%, 0.40%, and 0.29% respectively [7] - IC premium/discount rates were 10.83%, 10.32%, 9.60%, and 9.50% respectively [7] - IM premium/discount rates were 12.48%, 12.82%, 12.23%, and 11.98% respectively [7]

| 截图自央行网站 | | --- | 10月23日央行开展2125亿元7天期逆回购操作 来源：中国新闻网 编辑：付健青 中新网10月23日电 据央行网站消息，2025年10月23日中国人民银行以固定利率、数量招标方式开展了 2125亿元7天期逆回购操作。具体情况如下： 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 ...