央行12月24日宣布，将于12月25日开展4000亿元MLF操作。本月有3000亿元MLF到期，12月份央 行MLF净投放为1000亿元，为连续第十个月加量续作，符合市场预期。考虑到本月央行已开展了2000 亿元买断式逆回购净投放，这意味着12月份中期流动性净投放总额达到3000亿元，较上月减少3000亿 元。 维持流动性充裕 "在5月份降准之后，央行连续第七个月开展中期流动性净投放。"王青对《金融时报》记者表示， 一是前期安排5000亿元地方政府债务结存限额，用于化解存量债务及扩大有效投资，这意味着12月还会 有一定规模的政府债券发行。二是10月5000亿元新型政策性金融工具投放完毕，12月会带动配套中长期 贷款较快投放。三是12月银行同业存单到期量明显增加，以上都会在一定程度上收紧银行体系流动性， 需要央行给予流动性支持。由此，央行通过MLF和买断式逆回购向银行体系持续注入中期流动性，能 够保持资金面处于较为稳定的充裕状态，也有助于年底前后稳增长、稳预期。 不过，相较11月，12月份MLF与买断式逆回购合计净投放中期流动性规模减少3000亿元。对此， 业内专家认为，这是因为12月政府债券净融资规模较前期有 ...

Group 1 - The People's Bank of China (PBOC) announced a 400 billion yuan MLF operation on December 25, 2025, to maintain liquidity in the banking system, marking the 10th consecutive month of increased MLF operations [1] - In December, 300 billion yuan of MLF is set to mature, resulting in a net injection of 100 billion yuan after the PBOC's operation [1] - The PBOC also conducted a net injection of 200 billion yuan through reverse repos in December, leading to a total net liquidity injection of 300 billion yuan for the month [1] Group 2 - The net injection scale of MLF and reverse repos decreased by 300 billion yuan in December compared to the previous months, which had a consistent net injection of 600 billion yuan from August to November [2] - Analysts suggest that the reduction may be due to a decrease in net financing of government bonds in December, with a possibility of a reserve requirement ratio cut in Q1 2026 to inject long-term liquidity [2] - The PBOC resumed government bond trading operations in October, with a net injection of 20 billion yuan, which increased to 50 billion yuan in November [2]

Core Viewpoint - The People's Bank of China (PBOC) is maintaining liquidity in the banking system by conducting a 400 billion MLF operation, resulting in a net injection of 100 billion yuan for December, marking the 10th consecutive month of increased MLF operations [1] Group 1: MLF Operations - The PBOC will conduct a 400 billion yuan MLF operation with a one-year term on December 25, 2025, to ensure ample liquidity in the banking system [1] - In December, 300 billion yuan of MLF is set to mature, leading to a net liquidity injection of 100 billion yuan after the MLF operation [1] - The PBOC has also conducted a net injection of 200 billion yuan through reverse repos this month, resulting in a total net liquidity injection of 300 billion yuan for December [1] Group 2: Market Analysis - Analyst Wang Qing noted that the PBOC's actions are aimed at stabilizing the funding environment and supporting growth expectations as the year-end approaches [1] - The net injection scale for MLF and reverse repos from August to November was consistently 600 billion yuan per month, but this has been reduced by 300 billion yuan in December [1] - The reduction in net financing for government bonds in December may have influenced the PBOC's decision to decrease the injection scale [1] Group 3: Future Outlook - Citic Securities' chief economist Mingming indicated that despite the reduced net injection, the PBOC's approach to maintaining a moderately loose liquidity stance remains unchanged [2] - There is a possibility that the PBOC may increase the scale of government bond purchases to counter seasonal liquidity fluctuations at the end of the month [2] - Looking ahead to 2026, Wang Qing expects the PBOC to utilize various liquidity tools to inject short- to medium-term liquidity into the market, supporting government bond issuance and encouraging financial institutions to increase credit [2]

来源：金融时报 记者：马梅若 中国人民银行12月24日宣布，将于12月25日开展4000亿元MLF操作。 本月有3000亿元MLF到期，12月央行MLF净投放为1000亿元，为连续第十个月加量续作，符合市场预 期。考虑到本月央行还开展了2000亿元买断式逆回购净投放，这意味着12月中期流动性净投放总额达到 3000亿元，较上月减少3000亿元。 | | | 中国人民组行 THE PEOPLE'S BANK OF CHINA | 货币政策司 | Monetary Policy Department | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 新闻发布 信息公开 | 法律法规 | 貫車改鎖 | 宋康申镇 | 信貸政策 | 查驗市场 | 全融稳定 | 调查线计 | 假行会计 | 支付休息 | | 会融科技 | 人民币 | 经理国库 | 国际交往 | 人员推梁 | 字本交流 | 征信管理 | 反流假 | 文建工作 | | | 政务公开 服务互动 网送文告 | 政策解设 办事大厅 | 公管信息 在线申报 | 图文 ...

Core Viewpoint - The money market funds (MMFs), once considered a stable investment tool, are facing challenges due to declining returns, with many funds reporting annual returns below 1% [1][2] Group 1: Current Market Situation - As of December 23, 112 MMFs have annual returns below 1%, with some large-scale funds like Huatai-PB Cash Management Fund C and ICBC Ruyi Money Fund E reporting returns below 0.5% [1] - By December 22, 92 MMFs had a seven-day annualized yield below 1%, indicating a widespread decline in returns [1] - The largest MMF, Tianhong Yu'ebao, reported an annual return of 1.15% and a seven-day annualized yield of 1.032% as of December 22 [1] Group 2: Reasons for Declining Yields - The decline in MMF yields is attributed to three main factors: continued accommodative monetary policy, ample liquidity in the banking system leading to lower interbank deposit rates, and self-regulation of non-bank deposit rates [2] - The current 10-year government bond yield is at 1.83%, reflecting a dual decline in market interest rates and real economy rates, indicating effective market mechanisms [2] Group 3: Investment Strategy and Outlook - Investors are advised to reposition MMFs as tools for daily liquidity management rather than high-yield investment channels, focusing on reasonable fee structures and stable strategies [2] - Industry experts believe that as the market interest rate environment stabilizes, MMFs will continue to play a crucial role in cash management and will maintain their fundamental value in supporting inclusive finance and meeting daily liquidity needs [2]

Core Points - Interoil Exploration and Production ASA has requested Nordic Trustee AS to summon a bondholders' written resolution for its senior secured callable bonds to amend bond terms for capital structure review and liquidity needs [1][2] - The company is preparing a broader bond proposal to provide flexibility and stability during the capital structure reassessment [2] - Proposed resolutions require a simple majority vote from bondholders within ten business days, with a deadline set for 7 January 2026 [3] Proposed Amendments - Interest payment on the Bonds due on 31 January 2026 will be settled in kind by issuing additional Bonds at an interest rate of 8.50% [6] - Maturity date extension from 31 January 2026 to 31 January 2027 [6] - Waiver of the requirement to publish Q3 2025 interim accounts [6] - Change from quarterly to semi-annual financial reporting obligations [6] - Consent to dispose of certain assets in Argentina to strengthen liquidity and fund ongoing operations [6]

Core Viewpoint - The Bank of Korea announced a temporary exemption of the foreign exchange stability tax for financial institutions starting next month, aimed at increasing the supply of US dollars in the domestic market [1][2]. Group 1: Policy Measures - The exemption from the foreign exchange stability tax will be in effect for six months starting from early January next year [1][2]. - The Bank of Korea will pay interest on the statutory foreign exchange reserve deposits held by financial institutions [1][2]. Group 2: Implications for Financial Institutions - The exemption is expected to lower the foreign currency borrowing costs for financial institutions, potentially increasing the supply of US dollars and other foreign currencies in the domestic market [4]. - Paying interest on foreign exchange reserves may encourage banks to hold more foreign currency, enhancing their ability to absorb liquidity shocks and helping to reduce market volatility [4]. Group 3: Market Context - These measures come at a time when the Korean won has significantly depreciated against the US dollar, with the exchange rate closing at 1479.8 won per dollar, the lowest since April 9 [4].

Core Viewpoint - The central bank has initiated liquidity operations to stabilize the financial market as year-end approaches, utilizing both 7-day and 14-day reverse repos to manage liquidity effectively [1][2]. Group 1: Central Bank Operations - On December 18, the central bank conducted a fixed-rate, quantity tender operation of 883 billion yuan for 7-day reverse repos at a rate of 1.40% [1]. - A 1000 billion yuan operation for 14-day reverse repos was also conducted, which is slightly above the average level of previous years, indicating a response to increased liquidity demand [1]. - The simultaneous operation of both 7-day and 14-day reverse repos reflects a flexible approach to managing liquidity across different time frames [1]. Group 2: Expert Insights - Analysts expect the central bank to enhance the scientific and precise management of short- to medium-term liquidity through various liquidity tools, which will support financial institutions in increasing credit supply [2]. - The focus of monetary policy will remain on creating a stable financial environment for the real economy, with liquidity tools aimed at smoothing short-term fluctuations and guiding reasonable interest rates [2]. - The central bank's actions are seen as proactive measures to ensure a stable financial system while facilitating effective monetary policy transmission to key sectors of the economy [2].

专家表示，人民银行重启14天期逆回购操作，可以看出其意在通过适度的流动性注入，平衡流动性供需 和稳定市场预期，保持年末资金面的平稳。 12月18日，人民银行同时开展了7天期与14天期逆回购操作，显示出在期限结构上的灵活安排。国家金 融与发展实验室特聘高级研究员庞溟认为，临近年末，人民银行选择以期限结构调整为抓手，进行"削 峰填谷"。既满足了银行体系因现金投放、财政收支等因素产生的临时性缺口，也避免了可能引发的资 金空转和杠杆攀升。 ● 本报记者彭扬 中国人民银行消息，12月18日，人民银行以固定利率、数量招标方式开展了883亿元7天期逆回购操作。 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。专家表示，人民 银行时隔近三个月再次开展14天期逆回购操作，释放出适度宽松货币政策灵活高效的信号。 灵活安排期限结构 保持流动性充裕 专家表示，后续央行将通过各类流动性工具搭配组合，提升短中长期流动性管理的科学性和精准性，保 持市场流动性充裕，引导金融机构加大货币信贷投放力度。 中央财办有关负责同志此前在详解2025年中央经济工作会议精神时表示，货币政策工具箱既包括降准降 息，也包括其 ...

Core Viewpoint - The People's Bank of China (PBOC) has resumed 14-day reverse repos, signaling a flexible and efficient monetary policy aimed at maintaining liquidity stability as the year-end approaches [1][2]. 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 resumption of the 14-day reverse repo operation after nearly three months indicates the PBOC's intention to inject liquidity to balance supply and demand while stabilizing market expectations [1]. Group 2: Liquidity Management - The PBOC has injected a total of 200 billion yuan in medium-term liquidity through reverse repos in December, with expectations of increasing the scale of medium-term lending facilities (MLF) [2]. - The central bank plans to maintain ample liquidity through a combination of various liquidity tools, enhancing the scientific and precise management of short, medium, and long-term liquidity [2]. Group 3: Economic Support - The focus of monetary policy remains on ensuring sufficient liquidity while facilitating the effective transmission of monetary policy to support high-quality economic development [2].