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].

Core Viewpoint - The People's Bank of China (PBOC) has announced adjustments to the 14-day reverse repurchase operations, shifting to a fixed quantity, interest rate bidding, and multiple price bidding, indicating a moderately loose monetary policy stance ahead of the holiday season [1][2] Group 1: Monetary Policy Adjustments - The initiation of the 14-day reverse repurchase operation earlier than in previous years aims to provide liquidity for institutions ahead of the National Day holiday, ensuring ample liquidity [1] - The actual occupation period for this operation will reach 17 days, which, combined with a previous net injection of 300 billion yuan through reverse repos, will help alleviate the preventive funding needs of institutions before the quarter-end and holiday [1] Group 2: Changes in Auction Mechanism - The shift from a fixed interest rate to an American-style bidding process for the 14-day reverse repurchase operation is seen as a move to strengthen the policy rate status of the 7-day reverse repurchase [2] - This change allows for a more market-driven pricing mechanism, reflecting differentiated funding needs among institutions, and clarifies the policy rate attribute of the 7-day reverse repurchase [2] Group 3: Future Implications - The announcement indicates that the timing and scale of the 14-day reverse repurchase operations will be determined based on liquidity management needs, allowing for more flexible operations compared to past practices [2] - The PBOC may utilize a combination of long, medium, and short-term operations to smooth out the rhythm of fund injection and withdrawal, leading to more precise and efficient liquidity management [2]

中国人民银行公开市场业务公告称，各公开市场业务一级交易商：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。 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 券中社 券 商 中 国 × 券 中 社 扫 码 下 载 券 中 社 A P P 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 券中社APP 弊中社 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权, 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 看券商中国 知天下财经 来源：央行 责编： 王璐璐 校 对：吕久彪 百万用户都在看 刚刚，集体爆发！外围重磅，突然刷屏！ 午后！A股，突然异动！什么情况？ 刚刚，突然暴涨！重磅利好来袭！ 利好来袭！人工智能，突传重磅！ ...

1. Report Industry Investment Rating No investment rating information is provided in the content, so this part is skipped. 2. Core Views of the Report - The probability of the central bank restarting Treasury bond trading is increasing, and it is worth expecting the central bank to announce the restart of Treasury bond trading within the year. The expectation of the central bank restarting Treasury bond trading may lead to a decline in long - term interest rates [1][4]. - If the central bank restarts buying bonds, the 10 - year Treasury bond yield may fall below 1.70%, similar to the situations in the first half of 2015 and 2019 [4]. 3. Summary According to the Directory 3.1 Reasons for the Increasing Probability of the Central Bank Restarting Treasury Bond Trading - **Tool Establishment Intention**: When the central bank's Treasury bond trading operation was set up, it had the implication of being a normal monetary policy tool. Currently, the interest rate is in a stable range - bound state, which provides a market foundation for the central bank to resume normal operations. In early 2025, the central bank suspended this operation, perhaps due to the rapid decline in interest rates [1][11]. - **Institutional Design**: The central bank's draft for soliciting opinions in July 2025 removed the freeze on collateral for bond repurchases. Coupled with the recent extension of the maturity of large banks' Treasury bond purchases from within 3 years to 3 - 5 years, if the central bank restarts Treasury bond trading, the pressure on large banks to "sweep the market" will decrease, and the impact on short - and medium - term interest rates may be systematically reduced [2][15]. - **Current Necessity**: Although the immediate need to restart Treasury bond trading from the perspective of liquidity is relatively low, given the limited room for further cuts in the reserve requirement ratio and the stable operation of the bond market, there is a need to resume normal long - term liquidity adjustment through Treasury bond trading. It is difficult to normalize the function of adjusting the interest rate curve, and the necessity of selling long - term bonds for adjustment is insufficient [3][18]. 3.2 Impact of the Central Bank Restarting Treasury Bond Trading - **Impact on Liquidity**: Restarting Treasury bond trading may be a "icing on the cake" operation. Even if the central bank does not restart, inter - bank liquidity is expected to remain stable and abundant. The central bank's short - and medium - term liquidity injection is obvious, and corporate foreign exchange settlement and fiscal factors will lead to endogenous liquidity easing in Q4 [4][30]. - **Impact on the Bond Market Strategy**: If the central bank restarts buying bonds within the year, the 10 - year Treasury bond yield may fall below 1.70%. The expectation of the central bank restarting Treasury bond trading may lead to a decline in long - term interest rates [4][31]. 3.3 Other Related Points - **Function Importance Ranking**: The importance ranking of the functions of central bank Treasury bond trading is: liquidity management > cooperation with Treasury bond issuance > adjustment of the interest rate curve [18]. - **Judgment on Future Operations**: The central bank's Treasury bond trading as a liquidity management tool has the implication of being normal. Currently, the necessity of restarting is slightly insufficient, but it can be launched in small amounts in advance. The removal of the freeze on collateral for bonds will reduce policy costs and systematically reduce the impact on short - and medium - term interest rates [27].

来源：中国人民银行网站 中国人民银行官网12日发布消息，为保持银行体系流动性充裕，2025年9月15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6000亿元买断式逆回购操作，期限为 6个月（182天）。 发 生 了 什 么 ？ 莫 斯 科 证 券 交 易 所，暂 停 股 票 交 易！刚 刚，最 新 消 息 来 了 ...

北京商报讯（记者 岳品瑜 董晗萱）9月12日，据人民银行官网，为保持银行体系流动性充裕，2025年9 月15日，人民银行将以固定数量、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）。 ...

人民财讯9月12日电，为保持银行体系流动性充裕，2025年9月15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6000亿元买断式逆回购操作，期限为6个月(182天)。 ...

每经AI快讯，为保持银行体系流动性充裕，2025年9月15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6000亿元买断式逆回购操作，期限为6个月(182天)。 ...

Core Viewpoint - The recent decline in government bond futures has led to increased expectations for the People's Bank of China (PBOC) to resume government bond trading operations, particularly in the fourth quarter, to release medium- to long-term funds and improve market sentiment [1][2]. Group 1: Market Conditions - The yields on 10-year and 30-year government bonds have fallen below 1.8% and 2.1%, respectively, indicating a significant rise in yields since the beginning of the year [1]. - The bond market sentiment is currently bearish, with the 10-year government bond yield recently rising to around 1.8% [2]. - The PBOC has suspended government bond trading operations for eight consecutive months, leading to a notable shift in the bond market compared to earlier in the year [2]. Group 2: PBOC Operations - The PBOC's resumption of government bond trading is seen as having suitable conditions, although the urgency is not strong at the moment [1][6]. - The PBOC has previously indicated that it would consider resuming operations based on market supply and demand conditions [1]. - The PBOC's operations are primarily aimed at managing liquidity and influencing government bond yield trends [2][3]. Group 3: Analyst Perspectives - Analysts believe that the resumption of government bond trading could stabilize bond prices and mitigate negative feedback loops from large-scale redemptions of wealth management products [6]. - Some analysts argue that the PBOC's bond trading operations are more flexible and effective compared to other liquidity management tools like reverse repos [5]. - The current market dynamics suggest that the resumption of bond trading may not fundamentally alter the interest rate trends, as the core factors are related to the stock-bond valuation relationship [6].