"12月将有超过2.5万亿元的公开市场操作资金到期，预计中国人民银行将通过续做MLF、开展买断式逆 回购等方式进行对冲，操作可能更注重'量价适中'，以维护资金面平稳跨年。"董希淼说。 来源：中国银行保险报 东方金诚首席宏观分析师王青也表示，着眼于应对潜在的流动性收紧态势，中国人民银行大概率会通过 买断式逆回购向银行体系注入中期流动性，引导资金面处于较为稳定的充裕状态。这在助力政府债券发 行、引导金融机构加大货币信贷投放力度的同时，也将释放数量型政策工具持续加力信号，显示货币政 策延续支持性立场。 12月还有3000亿元MLF到期。"总体上看，12月中国人民银行仍会综合运用买断式逆回购、MLF两项政 策工具，持续向市场注入中期流动性。"王青判断，不过近期中期流动性加量规模也可能较此前每月 6000亿元的水平有所回落。年底前后中国人民银行仍有可能通过降准、国债买卖等方式向市场注入较大 规模长期流动性，短期内中期流动性净投放规模有可能相应收敛。 12月4日，中国人民银行发布公告称，将在12月5日以固定数量、利率招标、多重价位中标方式开展1万 亿元买断式逆回购操作，期限为3个月（91天）。考虑到本月有同等规模3个月期 ...

今年以来，央行通过开展买断式逆回购、中期借贷便利（MLF）、国债买卖操作，持续呵护中长期流 动性。为进一步提高买断式逆回购操作信息披露的时效性，央行自今年6月起提前发布招标公告，稳定 市场预期。此后，3个月期品种操作主要在月初落地，6个月期品种操作主要发生在月中，多为加量续 作。但央行在今年9月和11月初开展的3个月期买断式逆回购均为等量续作。 综合9月、11月资金面表现来看，天风证券（601162）固收首席分析师谭逸鸣认为，等量续作或反映月 初银行通过买断式逆回购补充流动性的意愿不高，更倾向于等待月中、月末等流动性需求更为明晰的时 点进行主动管理。 12月有累计1.4万亿元的买断式逆回购到期量，考虑到月内还有一次6个月期品种操作，市场专家仍看好 12月两个期限品种的买断式逆回购将合计延续加量续作。邮储银行（601658）研究员娄飞鹏认为，本次 买断式逆回购操作进一步强化了对跨年资金面的支撑，避免因资金到期导致的流动性缺口。 12月4日，中国人民银行发布公告称，将在5日以固定数量、利率招标、多重价位中标方式开展1万亿元 买断式逆回购操作，期限为3个月（91天）。鉴于月内将有同等规模的3个月期品种到期，本次操作 ...

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 1 trillion yuan buyout reverse repurchase operation, aimed at maintaining liquidity in the banking system as the year-end approaches [1][2]. Group 1: Reverse Repo Operations - The PBOC will carry out a 1 trillion yuan buyout reverse repo operation with a term of 3 months (91 days) on December 5, which will be an equivalent rollover of the same amount maturing this month [1]. - The operation will utilize a fixed quantity, interest rate bidding, and multiple price bidding methods, reflecting the true demand for funds from institutions [2]. - The December operation is expected to support the funding environment across year-end, preventing liquidity gaps due to maturing funds [2]. Group 2: Market Analysis and Expectations - Analysts suggest that the current liquidity environment in December is stable, similar to previous months, with fewer disturbances [2]. - There is a potential tightening pressure on liquidity in December due to a large amount of interbank certificates maturing and the Ministry of Finance issuing local government debt limits [2]. - The PBOC's strategy of "short-term collection and long-term release" has been evident, with a net injection of 650 billion yuan in medium to long-term liquidity in November, while simultaneously withdrawing 556.2 billion yuan through 7-day reverse repos [3].

人民银行12月4日消息，为保持银行体系流动性充裕，2025年12月5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10000亿元买断式逆回购操作，期限为3个月（91天）。 | | | 图：中国人民银行 由于本月有10000亿元3月期买断式逆回购到期，意味着当月3月期买断式逆回购等量续做。 东方金诚首席宏观分析师王青表示，12月3个月期买断式逆回购未加量续做，或与金融机构资金需求的期限结构等有关，不代表 央行降低流动性投放力度。 数据显示，本月有20358亿元逆回购到期、3000亿元MLF到期、4000亿元6月期买断式逆回购到期。 王青预计，央行本月还会开展一次6个月期买断式操作，加量续做可能性比较大。主要是为应对潜在的流动性收紧态势，引导资 金面处于较为稳定的充裕状态。在助力政府债券发行，引导金融机构加大货币信贷投放力度的同时，也将释放数量型政策工具 持续加力信号，显示货币政策延续支持性立场。 中信证券首席经济学家明明表示，12月以来市场流动性相对宽松，隔夜、7天利率位于年内低位波动，1年期同业存单利率同样 维持相对低位；本月MLF和6月期买断式逆回购到期压力并不大，在呵护跨年流动性的要求下， ...

记 者丨江佩佩 见习记者张嘉钰 编 辑丨张楠 12月4日晚，央行公告显示，为保持银行体系流动性充裕，2025年12月5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10000亿元买断式逆回购操作，期限为3个月 （91天） 。 | | 公开市场买断式逆回购招标公告 [2025]第12号 | | | --- | --- | --- | | 字号 | 文章来源:货币政策司 | 2025-12-04 17:00:00 | | | | 打印本页 关闭窗口 | 出品丨21财经客户端 21世纪经济报道 打击炒币，央行召开重磅会议 央行、工行、农行、中行、建行、交行等集体出手 SFC 21君荐读 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2025年12月，央行已开展了多次买断式逆回购操作。 | 公开市场买断式逆回购招标公告 [2025]第12号 | 2025-12-04 | | --- | --- | | 公开市场买断式逆回购招标公告 [2025]第11号 ...

央行公告，为保持银行体系流动性充裕，2025年12月5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10000亿元买断式逆回购操作，期限为3个月（91天）。 ...

（原标题：央行，大动作！） "短期流动性操作方面，11月7天期逆回购净回笼5562亿元，主要源于前期跨月投放的逆回购到期，央行 顺势回笼资金，避免过量短期资金在市场淤积。"王青表示。 招联首席研究员、上海金融与发展实验室副主任董希淼认为，11月，央行通过多种货币政策工具的组合 运用，坚持适度宽松的基调，整体上保持流动性净投放，继续维持流动性充裕。预计12月央行将继续维 持流动性合理充裕，为全年收官工作营造适宜的货币金融环境。 【导读】央行公布11月流动性投放情况，专家预计年末流动性仍将充裕 中国基金报记者 张玲 12月2日，人民银行公布2025年11月中央银行各项工具流动性投放情况。数据显示，11月买断式逆回 购、中期借贷便利（MLF）分别净投放5000亿元、1000亿元，公开市场国债买卖净投放500亿元。 多位业内人士认为，11月央行坚持适度宽松的基调，整体上保持流动性净投放，预计12月将继续通 过"组合拳"保障市场流动性充裕。 东方金诚首席宏观分析师王青分析称，11月央行综合运用MLF和买断式逆回购，向市场注入中期流动 性6000亿元，旨在助力政府债券顺利发行，支持银行加大信贷投放力度。 数据显示，11月 ...

Core Viewpoint - The People's Bank of China (PBOC) has implemented a net liquidity injection of 6,500 billion yuan in November through various monetary policy tools, indicating a continued net liquidity provision in the medium to long term [1][2]. Group 1: Liquidity Injection Details - In November, the PBOC's net injection included 1,000 billion yuan from Medium-term Lending Facility (MLF), 254 billion yuan from pledged supplementary lending, and 1,150 billion yuan from other structural monetary policy tools [1]. - The PBOC's operations also included a net withdrawal of 5,562 billion yuan from 7-day reverse repos, while other term reverse repos saw a net injection of 5,000 billion yuan, and net purchases of government bonds amounted to 500 billion yuan [1]. - The overall strategy reflects a "short-term withdrawal and long-term injection" approach, aimed at maintaining liquidity efficiency and preventing excessive short-term funds in the market [3]. Group 2: Market Conditions and Economic Implications - The market liquidity in November was relatively loose, with the average DR007 at 1.47%, remaining stable compared to the previous month, while the average yield on 1-year AAA-rated interbank certificates of deposit decreased by 3 basis points to 1.63% [2]. - The PBOC's actions are seen as necessary to stabilize market sentiment amid a slowing stock market and to encourage banks to increase credit issuance [2][3]. - Analysts suggest that the PBOC's current liquidity management strategy is crucial for supporting economic growth, especially as the fourth quarter is a critical period for implementing growth-stabilizing policies [2][3].

Core Viewpoint - The People's Bank of China (PBOC) has maintained a net liquidity injection in November 2023, utilizing various monetary policy tools to support market liquidity and facilitate government bond issuance [1][2]. Group 1: Liquidity Injection Data - In November, the PBOC's net liquidity injection included 100 billion yuan from Medium-term Lending Facility (MLF), 25.4 billion yuan from pledged supplementary loans, and 115 billion yuan from other structural monetary policy tools [1]. - The total net liquidity injection from buyout reverse repos, MLF, and government bond net purchases reached 650 billion yuan for the month [1]. - The PBOC's operations included a net withdrawal of 556.2 billion yuan from 7-day reverse repos, while other term reverse repos saw a net injection of 500 billion yuan [1]. Group 2: Purpose and Impact of Liquidity Measures - The PBOC's strategy of injecting 600 billion yuan in medium-term liquidity through MLF and buyout reverse repos aims to support the smooth issuance of government bonds and encourage banks to increase credit lending [2]. - The arrangement of 500 billion yuan in local government debt limits in October is expected to lead to an additional issuance of 500 billion yuan in local bonds by year-end, significantly increasing the net financing scale of government bonds in November [2]. Group 3: Market Conditions and Future Outlook - November saw a relatively loose liquidity market, with the average DR007 rate remaining stable at 1.47%, while the average yield on 1-year AAA-rated interbank certificates of deposit decreased by 3 basis points to 1.63% [3]. - The PBOC has established a comprehensive approach to liquidity management, balancing short-term and medium-term liquidity through various tools to maintain market stability [3][4]. - Looking ahead, the PBOC is expected to continue its accommodative liquidity stance, with potential adjustments to address year-end funding pressures while ensuring targeted support for key sectors [4].

Core Viewpoint - The People's Bank of China (PBOC) has resumed government bond trading operations, injecting long-term liquidity into the banking system, signaling a supportive monetary policy stance to stabilize macroeconomic performance in Q4 2025 and Q1 2026 [1][2]. Group 1: Government Bond Trading - In November, the PBOC conducted a net injection of 50 billion yuan through government bond trading, an increase of 30 billion yuan compared to the previous month [1]. - The resumption of government bond trading follows a period of suspension due to imbalances in the bond market and accumulated market risks, indicating improved market conditions [1]. - Analysts suggest that the increased net injection in November reflects a relatively loose liquidity environment and aims to soothe market sentiment amid a slowing stock market [1][2]. Group 2: Liquidity Tools and Net Injection - In addition to government bonds, the PBOC's liquidity measures included a net injection of 254 billion yuan through the Pledged Supplementary Lending (PSL), 1,150 billion yuan through other structural monetary policy tools, and 1,000 billion yuan through Medium-term Lending Facility (MLF) [2]. - The total net injection of long-term liquidity in November reached 6,500 billion yuan, slightly higher than in October, indicating a continued effort to maintain liquidity in the financial system [3][4]. Group 3: Economic Indicators and Future Outlook - The average PMI for October and November was 49.85%, significantly lower than the 50.43% average in Q3, suggesting a slowdown in economic activity [4]. - Looking ahead, analysts expect the PBOC to maintain a policy of ample liquidity, with potential year-end funding pressures that could lead to short-term fluctuations in funding rates [5].