"总体上看，未来一段时间央行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。"王青认为，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。 央行货币政策委员会第三季度例会提到，建议加强货币政策调控，提高前瞻性、针对性、有效性，根据 国内外经济金融形势和金融市场运行情况，把握好政策实施的力度和节奏，抓好各项货币政策措施执 行，充分释放政策效应。保持流动性充裕，引导金融机构加大货币信贷投放力度，使社会融资规模、货 币供应量增长同经济增长、价格总水平预期目标相匹配。 目前，央行基础货币投放的渠道已较为丰富。市场人士预计，央行将通过质押式逆回购维持短期流动性 平衡，MLF和买断式逆回购提供中期流动性，降准叠加恢复国债买卖向市场注入长期流动性，以保持 市场流动性合理充裕。 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1.1万亿元买断式逆回购操作，期限为3 个月（91天），加量续作3000亿元。 "十一"长假后，银行间市场资金回笼压力明显加大。10月9日至10日，公开市场逆回购到期量分别为 20633亿元和 ...

Group 1 - The People's Bank of China (PBOC) conducted a 1.1 trillion yuan three-month reverse repurchase operation on October 9, marking the first working day after the National Day and Mid-Autumn Festival holiday [1] - In October, there is a total of 1.3 trillion yuan maturing, with the PBOC expected to continue net injections through reverse repurchase operations [1] - The central bank has been actively using various monetary policy tools, including medium-term lending facilities (MLF) and reverse repos, to maintain liquidity in the market [2] Group 2 - The PBOC's monetary policy committee emphasized the need to keep liquidity ample and guide financial institutions to increase credit supply, aligning social financing growth with economic growth and price level expectations [2] - Analysts expect the PBOC to maintain a flexible and anticipatory policy approach in response to domestic demand shortages and ongoing global uncertainties [2] - The continuous increase in reverse repurchase operations and MLF indicates a commitment to supporting government bond issuances during a peak issuance period [2]

为保持银行体系流动性充裕，10月9日，中国人民银行以固定数量、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）。 ...

Core Viewpoint - The People's Bank of China (PBOC) has adjusted its 14-day reverse repo operations to a fixed quantity, interest rate bidding, and multiple price winning method, enhancing market liquidity management and reflecting the demand for short-term funds among financial institutions [1][2][3] Group 1: Adjustment Details - The PBOC conducted a 300 billion yuan 14-day reverse repo operation, marking the first implementation after the adjustment announced on September 19 [1] - The adjustment shifts from a "fixed rate, quantity bidding" model to a "fixed quantity, interest rate bidding, multiple price winning" model, allowing banks to bid at different interest rates [1][2] - This change aims to improve the precision and flexibility of monetary policy, catering to the diverse short-term funding needs of financial institutions [1][2] Group 2: Implications for Market Liquidity - The adjustment allows for clearer market expectations and reduces uncertainties related to operational scale, which can stabilize market conditions [2][3] - The PBOC will determine operation timing and scale based on real-time liquidity management needs, enhancing its ability to maintain ample liquidity in the banking system [2] - Historically, the PBOC has initiated 14-day reverse repo operations before major holidays to ensure sufficient liquidity, with the current operation starting earlier than in previous years [2][3] Group 3: Future Outlook - The adjustment is expected to focus the 14-day reverse repo as a short-term liquidity tool, furthering interest rate marketization and improving financial institutions' pricing capabilities [3] - The PBOC's liquidity management toolbox is being optimized, allowing for a more flexible combination of long, medium, and short-term operations to smooth out the rhythm of fund injection and withdrawal [3]

Core Viewpoint - The People's Bank of China (PBOC) has adjusted its 14-day reverse repo operations to a fixed quantity, interest rate bidding, and multiple price winning method, enhancing liquidity management and reflecting market demand more accurately [1][2]. Group 1: Adjustment Details - The PBOC conducted a 300 billion yuan 14-day reverse repo operation, marking the first implementation after the recent adjustment announcement [1]. - The adjustment shifts from a "fixed rate, quantity bidding" model to a "fixed quantity, interest rate bidding, multiple price winning" model, allowing banks to bid at different interest rates [1]. - This change aims to improve the precision and flexibility of monetary policy, catering to the varying short-term funding needs of financial institutions [1][2]. Group 2: Implications for Market Liquidity - The adjustment indicates a more proactive and flexible approach by the PBOC in managing liquidity based on real-time factors such as banking system liquidity and market interest rate trends [2]. - Historically, the PBOC has initiated 14-day reverse repo operations before major holidays to ensure liquidity, with this year's timing being slightly earlier than in previous years [2]. - The early initiation of the operation, combined with previous liquidity injections, is expected to alleviate funding pressures for institutions ahead of the quarter-end and holiday periods [2]. Group 3: Future Outlook - The adjustment is seen as a step towards further market-oriented interest rate reforms, enhancing financial institutions' pricing capabilities and better reflecting market supply and demand [3]. - The PBOC's liquidity management toolbox is being optimized, allowing for a more flexible combination of long, medium, and short-term operations to smooth out funding flows [3].

Core Viewpoint - The People's Bank of China (PBOC) has adjusted its 14-day reverse repo operations to a fixed quantity, interest rate bidding, and multiple price winning method, enhancing liquidity management and reflecting market demand more accurately [1][2][3] Group 1: Adjustment Details - The PBOC conducted a 300 billion yuan 14-day reverse repo operation, marking the first implementation after the recent adjustment announcement [1] - The adjustment shifts from a "fixed rate, quantity bidding" model to a "fixed quantity, interest rate bidding, multiple price winning" model, allowing banks to bid at different interest rates [1][2] - This change aims to improve the precision and flexibility of monetary policy, catering to the varying short-term funding needs of financial institutions [1][2] Group 2: Implications for Liquidity Management - The PBOC will determine operation timing and scale based on real-time liquidity management needs, allowing for a more proactive approach to maintaining ample liquidity in the banking system [2] - Historically, the PBOC initiates 14-day reverse repo operations before major holidays to ensure sufficient liquidity, with this year's timing being slightly earlier than in previous years [2][3] - The adjustment is expected to enhance the PBOC's ability to smooth market fluctuations and provide a more suitable monetary environment for the real economy [2] Group 3: Market Positioning and Future Outlook - The 14-day reverse repo rate has traditionally been viewed as having policy attributes, but the recent adjustment aims to focus it more on short-term liquidity provision [3] - The reform is anticipated to deepen interest rate marketization and improve financial institutions' pricing capabilities, better reflecting market supply and demand [3] - The PBOC's liquidity management toolbox is being optimized, allowing for flexible combinations of long, medium, and short-term operations to enhance the efficiency of liquidity management [3]

经济观察网9月30日消息，为保持银行体系流动性充裕，2025年10月9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11000亿元买断式逆回购操作，期限为3个月(91天)。 ...

Core Viewpoint - The recent announcement by the central bank, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange allows foreign institutional investors to fully participate in the bond repurchase market, marking a significant policy shift in China's financial landscape [1][8]. Group 1: Impact on Foreign Investors - The new policy effectively provides foreign investors with a "liquidity button" for their RMB-denominated bonds, enhancing their ability to manage cash flow [2]. - Historically, foreign investors faced challenges during market volatility, often forced to sell Chinese government bonds to meet margin calls, disrupting their investment strategies [3]. - The inability to efficiently manage liquidity led to increased trading costs and amplified investment risks, with estimates suggesting that transaction costs could consume 30%-50% of investment returns [4]. Group 2: Historical Context and Policy Evolution - The bond repurchase business for foreign institutions has been a decade-long journey, with initial participation limited to sovereign institutions and certain clearing entities, excluding major investment players [8]. - The recent policy change opens the door for a broader range of foreign investment institutions, allowing them to engage in repurchase agreements, which are essential for liquidity management [8]. Group 3: Operational Differences and Future Prospects - The new repurchase framework introduces a buyout-style repurchase model, aligning more closely with international practices, while the existing pledge-style repurchase remains in place for the time being [11]. - The policy is expected to enhance the attractiveness of Chinese bonds, with foreign institutions likely to increase their holdings significantly, as evidenced by a net increase of over 300 billion RMB in the first eight months of the year [13]. - The central bank's efforts to position Chinese bonds as widely accepted collateral in global markets could further boost their appeal and liquidity [13].

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a buyout reverse repurchase operation of 1.1 trillion yuan to maintain ample liquidity in the banking system on October 9, 2025 [1] Group 1 - The operation will be conducted using a fixed amount, interest rate bidding, and multiple price level bidding methods [1] - The term of the reverse repurchase operation will be 3 months (91 days) [1]

9月30日，央行发布公告，为保持银行体系流动性充裕，2025年10月9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11000亿元买断式逆回购操 作，期限为3个月（91天）。 看券商中国 知天下财经 弊中社 券商中国 X 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 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 。 | 来源：央行官网 | 责编：杨喻程 | | --- | --- | | 校 | 对：苏焕文 | | 百万用户都在看 | | | 利好来了！外围，突传重磅！ | | | 刚刚，集体爆发！海外，传来重磅利好！ | | | 特朗普：征收100%关税！ | | | 停牌！多只A股，集体公告！ | | | 证监会：立案！A股公司，公告！ | | 违法和不良信息举报电话：0755-8351403 ...