Group 1 - The People's Bank of China announced a 900 billion MLF operation to maintain liquidity in the banking system, scheduled for October 27, 2025, with a one-year term [1] - The operation will be conducted using a fixed quantity, interest rate bidding, and multiple price bidding methods [1] Group 2 - The announcement is part of the broader monetary policy strategy to ensure sufficient liquidity in the financial system [1] - The operation reflects the central bank's ongoing efforts to support economic stability and growth [1]

1. Report Industry Investment Rating No information provided on the industry investment rating in the given content. 2. Core Viewpoints of the Report - The report focuses on the supply, demand, and pricing of inter - bank certificates of deposit (CDs), analyzes the core factors affecting their supply and demand, and discusses the supply pressure of CDs within the year. It points out that since 2025, there have been some "unusual" phenomena in CDs, and the market's concerns about CDs have resurfaced, mainly due to the potential supply pressure from the maturity of high - interest fixed - term deposits in the fourth quarter and the possible weakening of demand - side stability [11]. - Considering the central bank's current intention to support the market, the ongoing repair of real - economy credit demand, and the stable supply rhythm of government bonds, the pressure for CDs to be issued at higher prices in the fourth quarter may be relatively controllable, but there may be some stage fluctuations. The main fluctuation range of 1 - year CDs is expected to remain between 1.6% - 1.7% [5]. 3. Summary by Relevant Catalogs 3.1 Development History: The Appeal and Boundary of Active Liabilities - **2013 - 2017: Rapid Expansion after Formal Start** - In December 2013, the issuance of the "Interim Measures for the Administration of Inter - bank Certificates of Deposit" marked the formal start of the development of inter - bank CDs. From 2014 to 2017, the issuance scale increased from nearly 1 trillion yuan in 2014 to nearly 20 trillion yuan in 2017, mainly issued by small and medium - sized banks such as city commercial banks and joint - stock banks [12]. - The rapid expansion was driven by the inherent advantages of CDs as an active liability tool, the "disintermediation of deposits", the trend of interest rate liberalization, and the change in the central bank's base - money injection method [14][21]. - **2017 - 2023: Stable Development under Regulatory Constraints** - Since 2017, a series of regulatory measures have been introduced to guide the financial system to return to its origin, improve the quality and efficiency of serving the real economy, and strengthen risk prevention and control. The issuance growth of inter - bank CDs has flattened out [23]. - In terms of structure, inter - bank CDs have become the fourth - largest variety in the inter - bank market. The issuance scale of large state - owned banks has increased slightly year by year, and the proportion of 1 - year - term varieties has increased significantly since 2018 [27][28]. - **Since 2023: The Issuance Scale Rises Again** - In 2023, the annual issuance scale exceeded 25 trillion yuan, with state - owned banks accounting for 26%. In 2024, the scale exceeded 30 trillion yuan, and the proportion of state - owned banks reached 28%. This was mainly affected by the downward trend of CD issuance costs, the expansion of the deposit - loan gap, and the concentrated issuance of government bonds [32]. 3.2 Supply Willingness and Rhythm - **Liquidity Gap Management on the Liability Side** - During periods of high capital demand, such as large - scale bank credit issuance and concentrated government bond supply, the net financing scale of CDs usually increases, showing certain seasonal patterns and being affected by policies [47]. - Weak deposit growth on the liability side requires CDs to supplement liabilities, which is more of a trend change and closely related to regulatory norms [50]. - To cope with foreseeable liquidity consumption within the month and avoid large fluctuations in funds to lock in lower issuance costs, CD supply shows certain regularities within the month, usually concentrating in the first three weeks [50]. - **Cost Considerations on the Liability Side** - The demand for CD issuance is affected by the central bank's medium - and long - term liquidity injection. If banks can obtain lower - cost funds from the central bank, their willingness to issue CDs will decrease [54]. - Banks will adjust the maturity structure of CD issuance based on cost considerations. In a loose liquidity environment, they tend to lengthen the maturity of CD issuance to lock in lower financing costs [56]. - From the perspective of asset returns, if the demand for real - economy loans is expected to be strong and the asset - liability spread is expected to widen, banks tend to increase the issuance scale of CDs to reserve liability sources in advance [62]. - **Constraints of Regulatory Indicators** - Issuing inter - bank CDs helps improve liquidity regulatory indicators, especially the liquidity coverage ratio (LCR), net stable funding ratio (NSFR), and liquidity matching ratio (LMR) [65]. - Different maturities of CDs have different conversion coefficients in regulatory indicators. Long - term CDs usually have a positive impact on improving these indicators, while short - term CDs may not [66]. - **Issuance Characteristics under the Management of Filing Quotas** - The issuance of inter - bank CDs adopts a filing system, and the filing quota is managed on a balance basis. The balance of inter - bank CDs at any time within the year shall not exceed the annual filing quota [72]. - There is a negative correlation between the utilization progress of CD filing quotas and the deposit ratio. Banks with strong deposit - attracting ability and high deposit ratios have lower demands for issuing CDs [73]. 3.3 Demand Side: Who Are the Main Allocation Forces? - **Commercial Banks** - Commercial banks' allocation of CDs is a process of seeking a dynamic balance between risk and return under the constraints of regulatory frameworks and market environments. Different banks have different allocation logics due to differences in liability costs, credit issuance, and regulatory indicators [84][86]. - Rural commercial banks and large banks are the main buyers of CDs. Rural commercial banks' allocation logic has changed since 2023, from a "seesaw" relationship with credit issuance to focusing more on the allocation value of CDs in an "asset shortage" situation [88][89]. - Large banks' weak credit issuance demand in recent years has increased their demand for allocating CDs, and they show a characteristic of increasing net purchases at the end of the month [98]. - **Bank Wealth Management** - Bank wealth management shows a distinct right - hand trading characteristic in investing in CDs and is also affected by factors such as liability - side stability, regulatory requirements, and monetary policy. In recent years, the expansion of the liability side has increased its demand for CD allocation [102]. - Current - management wealth management products are the main force in CD allocation, preferring short - term CDs due to regulatory restrictions on the average remaining maturity of product investment portfolios [102]. - **Money Market Funds** - Compared with the right - hand trading of wealth management products, the peak of net purchases by money market funds usually coincides with the inflection point of CD interest rates, which may drive the inflection point of CD prices to some extent [4]. 3.4 How Are CDs Priced? - **Theoretical Pricing Benchmark of CDs** - Policy interest rates (MLF/OMO + 30BP) form the theoretical upper limit of CD pricing, while SHIBOR, DR interest rates, deposit interest rates, and R001 form the theoretical lower limit. This pricing system anchors CD interest rates by affecting supply and demand [5]. - **Core Factors Affecting CD Supply and Demand** - In the short term, CD interest rates are affected by supply and demand forces, including the liability - side capital gap, liability costs, asset returns, regulatory regulations and assessments, and the institutional behavior of allocation forces [5]. - **Outlook on the Supply Pressure of CDs within the Year** - Considering the central bank's support intention, the ongoing repair of real - economy credit demand, and the stable supply rhythm of government bonds, the pressure for CDs to be issued at higher prices in the fourth quarter may be relatively controllable, but there may be some stage fluctuations. The main fluctuation range of 1 - year CDs is expected to remain between 1.6% - 1.7% [5].

10月14日，央行发布公开市场买断式逆回购招标公告，2025年10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)。 买断式逆回购推出于2024年10月，是中国人民银行主动借出资金，从一级交易商购买债券，来向市场投 放流动性的操作。该工具可增强1年以内的流动性跨期调节能力，有助于提升流动性管理的精细化水 平。截至10月中旬，央行已开展了多次买断式逆回购操作。 自2024年10月推出以来，买断式逆回购已成为央行中期流动性管理的重要组成部分。该工具期限覆盖3 个月至1年，填补了央行流动性管理工具在中短期期限上的空白。与传统的7天期、14天期逆回购操作相 比，买断式逆回购能够提供更长期限的资金支持。 值得注意的是，这是央行本月第二次开展买断式逆回购操作。10月9日，央行以固定数量、利率招标、 多重价位中标方式开展11000亿元买断式逆回购操作，期限为3个月(91天)。考虑到10月分别有8000亿元 3个月期买断式逆回购到期(10月14日到期)和5000亿元6个月期买断式逆回购到期，因此央行10月两个期 限品种的买断式逆回购合计加量续作4000 ...

10月14日，央行发布公开市场买断式逆回购招标公告，2025年10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）。 买断式逆回购推出于2024年10月，是中国人民银行主动借出资金，从一级交易商购买债券，来向市场投放流动性的操作。该工具可增强1年以内的流动性 跨期调节能力，有助于提升流动性管理的精细化水平。截至10月中旬，央行已开展了多次买断式逆回购操作。 （图源：央行） 自2024年10月推出以来，买断式逆回购已成为央行中期流动性管理的重要组成部分。该工具期限覆盖3个月至1年，填补了央行流动性管理工具在中短期期 限上的空白。与传统的7天期、14天期逆回购操作相比，买断式逆回购能够提供更长期限的资金支持。 | 公开市场买断式逆回购招标公告 [2025]第9号 2025-10-14 | | --- | | 2025-09-30 公开市场买断式逆回购招标公告 [2025]第8号 | | 公开市场买断式逆回购招标公告 [2025]第7号 2025-09-12 | | 公开市场买断式逆回购招标公告 [2025]第6号 2025-09-04 | ...

记者丨 唐婧 编辑丨包芳鸣 10月14日，央行发布公开市场买断式逆回购招标公告，2025年10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）。 （图源：央行） 买断式逆回购推出于2024年10月，是中国人民银行主动借出资金，从一级交易商购买债券，来 向市场投放流动性的操作。该工具可增强1年以内的流动性跨期调节能力，有助于提升流动性 管理的精细化水平。截至10月中旬，央行已开展了多次买断式逆回购操作。 自2024年10月推出以来，买断式逆回购已成为央行中期流动性管理的重要组成部分。该工具期 限覆盖3个月至1年，填补了央行流动性管理工具在中短期期限上的空白。与传统的7天期、14 天期逆回购操作相比，买断式逆回购能够提供更长期限的资金支持。 | 公开市场买断式逆回购招标公告 [2025]第9号 2025-10-14 | | --- | | 2025-09-30 公开市场买断式逆回购招标公告 [2025]第8号 | | 公开市场买断式逆回购招标公告 [2025]第7号 2025-09-12 | | 公开市场买断式逆回购招标公告 [2025] ...

10月14日，央行发布公开市场买断式逆回购招标公告，2025年10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）。 | 公开市场买断式逆回购招标公告 [2025]第9号 2025-10-14 | | --- | | 公开市场买断式逆回购招标公告 [2025]第8号 2025-09-30 | | 公开市场买断式逆回购招标公告 [2025]第7号 2025-09-12 | | 公开市场买断式逆回购招标公告 [2025]第6号 2025-09-04 | | 公开市场买断式逆回购招标公告 [2025]第5号 2025-08-14 | | 公开市场买断式逆回购招标公告 [2025]第4号 2025-08-07 | | 公开市场买断式逆回购招标公告 [2025]第3号 2025-07-14 | | 公开市场买断式逆回购招标公告 [2025]第2号 2025-06-13 | | 公开市场买断式逆回购招标公告 [2025]第1号 2025-06-05 | | 公开市场买断式逆回购业务公告 [2025]第5号 2025-05-30 | | 公开市场买断 ...

人民网北京10月15日电 （记者黄盛）中国人民银行（以下简称"央行"）发布公开市场买断式逆回购招 标公告称，为保持银行体系流动性充裕，2025年10月15日，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）。 记者了解到，这是央行本月第二次开展买断式逆回购操作。10月9日，央行以固定数量、利率招标、多 重价位中标方式开展11000亿元买断式逆回购操作，期限为3个月（91天）。10月分别有8000亿元3个月 期买断式逆回购到期（10月14日到期）和5000亿元6个月期买断式逆回购到期，因此央行10月两个期限 品种的买断式逆回购合计加量续作4000亿。 来源：人民网 另据记者了解，买断式逆回购，是央行在去年10月28日宣布推出的货币政策工具，是中国人民银行主动 借出资金，从一级交易商购买债券，来向市场投放流动性的操作。该工具可增强1年以内的流动性跨期 调节能力，有助于提升流动性管理的精细化水平。截至今年10月中旬，央行已开展了多次买断式逆回购 操作。近年来，央行通过逆回购操作，适时调节短期流动性；通过买断式逆回购、MLF（中期借贷便 利）操作，加强中短期流动性投 ...

为保持银行体系流动性充裕，2025年10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)。 | | | 中国人民视行 THE PEOPLE'S BANK OF CHINA | | 货币政策司 Monetary Policy Department | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 信息公开 | 新闻发布 | 不排不断 炭而改变 | | 宏观审位 信频改策 | 金融市场 | 全融动态 | 加查按计 | 银行会计 | 支付休系 | | 金融科技 | | 人民币 | 经理国际 | 围辉交住 人员招录 | 学术交流 | 征值管理 | 反洗钱 | 党建工作 | | | 服务互动 | 最普公开 阿瑟文告 | 政策解读 办事大厅 | 公告信息 在线申报 | 脚文 ( 央行研究 下载中心 阿上调查 | 置换限频 重期管理 | 市场动态 全融知识 | SHERT 关于我们 | 据备下载 | 报时年级 | | 2025年10月14日 星期二 ...

10月9日，央行已开展1.1万亿元3个月（91天）期买断式逆回购，相较当月到期量实现3000亿元加量续 作；此次6000亿元6个月期操作则进一步加量1000亿元。至此，10月两个期限品种合计加量续作规模达 4000亿元，较9月增加1000亿元。 对此，东方金诚首席宏观分析师王青表示，6000亿元6个月期买断式逆回购投放能有效熨平资金波动， 维持市场流动性稳定充裕。 [ 央行通过买断式逆回购注入中期流动性，既能助力政府债券顺利发行、引导金融机构加大信贷投放， 也释放出数量型政策工具持续加力的信号，彰显货币政策的支持性立场。 ] 10月15日，中国人民银行开展6000亿元6个月期（182天）买断式逆回购操作，操作方式为固定数量、利 率招标、多重价位中标。此举为10月第二次买断式逆回购操作，旨在保持银行体系流动性充裕，应对潜 在资金面收紧压力。 公开数据显示，10月共有1.3万亿元买断式逆回购到期，其中3个月期8000亿元、6个月期5000亿元。 招联首席研究员董希淼则认为，3个月期与6个月期买断式逆回购的组合，不仅能呵护节后资金面平稳， 更可保障明年元旦前后市场流动性充裕，为跨年金融市场平稳运行奠定基础。同时，由 ...

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 600 billion yuan buyout reverse repurchase operation on October 15, 2025, to maintain ample liquidity in the banking system [2] Group 1: Monetary Policy Tools - The buyout reverse repurchase is a monetary policy tool introduced by the PBOC on October 28 of the previous year, aimed at injecting liquidity into the market by purchasing bonds from primary dealers [2] - The PBOC has been actively using reverse repurchase operations to adjust short-term liquidity and enhance medium-term liquidity through tools like the Medium-term Lending Facility (MLF) [2][3] - The upcoming 600 billion yuan operation follows the maturity of 800 billion yuan in 3-month buyout reverse repos, helping to smooth short-term funding fluctuations [2] Group 2: Market Impact and Expectations - In October, the PBOC has increased the scale of buyout reverse repos by 400 billion yuan compared to the previous month, indicating a continued effort to inject medium-term liquidity into the market [3] - Analysts suggest that the PBOC's actions are aimed at stabilizing the funding environment amid potential liquidity tightening due to government bond issuances and other market dynamics [4] - Future monetary policy may include a combination of buyout reverse repos and MLF to further support liquidity needs related to government bond issuance and other strategic areas [4][5]