Core Viewpoint - The People's Bank of China (PBOC) announced a 900 billion yuan Medium-term Lending Facility (MLF) operation on October 27, 2025, to maintain ample liquidity in the banking system, with a one-year term [1][2]. Group 1: MLF Operation Details - The PBOC will conduct the MLF operation using a fixed quantity, interest rate bidding, and multiple price bidding methods [1][2]. - This operation comes as 700 billion yuan of MLF is set to mature in the same month, resulting in a net injection of 200 billion yuan, marking the eighth consecutive month of increased MLF issuance [1][2]. Group 2: Market Implications - Recent months have seen a continuous net injection of liquidity through MLF, indicating a supportive monetary policy stance from the PBOC [3]. - Analysts suggest that the PBOC's actions are aimed at stabilizing market expectations and enhancing liquidity in the financial system [3].

Core Viewpoint - The People's Bank of China (PBOC) is implementing measures to maintain liquidity in the banking system, including a 900 billion yuan Medium-term Lending Facility (MLF) operation, reflecting a proactive monetary policy stance to support economic growth and stabilize market expectations [1][2]. Group 1: MLF Operations - On October 27, the PBOC will conduct a 900 billion yuan MLF operation with a one-year term, marking the eighth consecutive month of increased MLF operations [1]. - With 700 billion yuan of MLF maturing in October, the net injection of liquidity will amount to 200 billion yuan after the MLF operation [1]. - The total net liquidity injection for October is projected to reach 600 billion yuan, maintaining a high level consistent with September [1]. Group 2: Government Bonds and Financing - The current phase involves significant government bond issuance, with an expected net financing scale of over one trillion yuan in October due to the arrangement of 500 billion yuan for local government debt [1][2]. - The PBOC's actions are seen as a coordination between monetary and fiscal policies, aimed at enhancing effective investment and addressing existing debt [1]. Group 3: Market Conditions and Interest Rates - Recent market conditions have led to an increase in medium to long-term interest rates, with liquidity tightening in the banking system [2]. - The PBOC's continued MLF operations signal a commitment to maintaining liquidity and stabilizing the bond market [2]. - The overall interest rate environment has been characterized by fluctuations above 1.8% for long-term bonds, indicating a high-level oscillation [2]. Group 4: Future Monetary Policy Outlook - Analysts anticipate that the PBOC may implement further quantitative easing measures, including potential reserve requirement ratio (RRR) cuts and continued use of MLF and reverse repos to inject liquidity [2]. - The fourth quarter is expected to see enhanced monetary policy tools to support economic growth and stabilize the real estate market [2].

Core Viewpoint - The Fourth Plenary Session of the 20th Central Committee emphasizes the importance of achieving high-quality economic development and outlines specific guidelines for economic and financial reforms during the "14th Five-Year Plan" period [3][4]. Economic Goals and Policies - The session highlights the need to stabilize employment, businesses, markets, and expectations to maintain the economic foundation and support the recovery momentum [3][4]. - Macro policies are expected to continue to exert force and be adjusted as necessary, with a focus on implementing enterprise support policies and boosting consumption [3][7]. Internal and External Environment - The "14th Five-Year Plan" period is characterized by complex changes in the development environment, with both strategic opportunities and risks present [4][5]. - The external environment is increasingly challenging due to factors such as rising tariffs from the U.S. and restrictions on high-tech exports, necessitating a focus on self-reliance in technology and strengthening supply chain security [4][5][6]. Monetary Policy - The monetary policy is set to remain "moderately loose," with an emphasis on maintaining liquidity and supporting economic growth through targeted measures [7][8]. - Future monetary policy will focus on precise actions, including potential interest rate cuts and structural tools to support innovation and small businesses [8][9]. Policy Coordination - There will be a coordinated approach between fiscal and monetary policies to avoid excessive tightening or loosening, ensuring stability and continuity in financial policies during the "14th Five-Year Plan" [9]. - The necessity for new growth-stabilizing policies is anticipated, particularly in the fourth quarter, with a focus on fiscal support and monetary easing to stabilize the real estate market [9].

业内分析人士表示，若价格采集工作在整月停滞，意味着缺乏可计算的基础样本。即便政府在11月初恢 复运作，重新补采价格信息也几乎不可能在短时间内完成。 与价格调查相比，就业数据的发布可能稍显可行。专家解释说，企业通常掌握自身雇佣与解雇记录，即 使延迟，也可依赖行政数据修正；但通胀数据依赖实地采样，一旦中断，就无法回溯。 市场观察人士认为，这种"信息真空"将使企业缺乏定价参考、投资者难以判断物价趋势，而对政策制定 者而言，经济"仪表盘"的部分失灵将带来更高的不确定性。 政府关门致价格采集停滞，政策决策恐陷数据真空。 当地时间10月24日，美国白宫警告称，受政府持续关门影响，美国劳工统计局（BLS）可能无法按计划 发布10月份的消费者价格指数（CPI）数据。若情况属实，这将是自该指标设立以来首次出现"通胀数据 缺席"的历史性事件。 美国政府关门已进入第四周。参议院民主党人多次否决临时支出法案，称若不延长医疗保险补贴条款， 将拒绝支持拨款措施。资金短缺迫使大批联邦雇员被迫休假，其中包括参与物价调查的劳工统计局工作 人员。 白宫在社交平台上表示，由于国会未能通过拨款，BLS的调查人员无法进行实地价格采集，"我们因此 无法 ...

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 900 billion yuan MLF operation on October 27 to maintain ample liquidity in the banking system, with a one-year term [1][2]. Group 1: MLF Operations - The PBOC will implement a fixed quantity, interest rate bidding, and multiple price bidding method for the 900 billion yuan MLF operation [1]. - With 700 billion yuan of MLF maturing in October, the net injection of MLF for the month will reach 200 billion yuan, aligning with market expectations [2]. - The continuous net injection of MLF indicates policy consistency and aims to stabilize market expectations while ensuring sufficient liquidity [2]. Group 2: Market Liquidity - In October, the PBOC also conducted a net injection of 400 billion yuan through reverse repos, bringing the total net liquidity injection to 600 billion yuan, consistent with the previous month [2]. - The net injection of medium-term liquidity has been ongoing for five months, with a significant increase in the last three months, primarily due to expected government bond net financing reaching one trillion yuan [2]. - The regulatory authorities are guiding financial institutions to increase credit issuance, while the PBOC's actions signal a sustained commitment to quantitative monetary policy tools [2]. Group 3: Future Monetary Policy - In the near future, the PBOC is expected to utilize various monetary policy tools, including reverse repos and MLF operations, to enhance short- and medium-term market liquidity [3]. - The PBOC aims to optimize the liquidity term structure to meet the demands of government bond issuance and increased credit supply [3]. - The central bank will adapt its monetary policy tools based on macroeconomic conditions to ensure liquidity, support consumption, and stabilize the financial market [3].

Core Insights - The People's Bank of China (PBOC) is focusing on enhancing macro-prudential management and financial stability functions to maintain the smooth operation of financial markets, including stock, bond, and foreign exchange markets [1][2] - The PBOC has implemented a series of monetary policy measures since the Third Plenary Session of the 20th Central Committee to support economic stability and growth [1] - The PBOC aims to deepen the reform of the RMB exchange rate formation mechanism and maintain the basic stability of the RMB at a reasonable and balanced level [2] Group 1 - The PBOC is committed to strengthening the macro-prudential management system and systemic financial risk prevention mechanisms, focusing on monitoring, assessing, and warning against systemic financial risks [2] - The PBOC emphasizes the importance of financial work as a key component of the Party and national agenda, aiming to accelerate the construction of a financial powerhouse [1][2] - The PBOC plans to enhance the financial supply-side structural reform and improve financial services to support key areas and weak links in the national economy [2] Group 2 - The PBOC is advancing the internationalization of the RMB and promoting its use in trade, while also enhancing the development of offshore RMB markets [3] - The PBOC is focused on building a safe, efficient financial infrastructure system and steadily advancing the research and application of digital RMB [2][3] - The PBOC is working towards a high level of financial openness while ensuring national financial security [3]

王青表示，受股市向好等因素影响，近期中长端市场利率普遍有所上行，银行体系流动性有所收紧。央行通过MLF等政策 工具加大资金投放，也有助于稳定市场预期，保持市场流动性充裕。此外，央行持续实施中期流动性净投放，也在释放数量型 货币政策工具持续加力的政策信号，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对《证券日报》记者表示，10月份以来，利率整体呈现高位震荡态势，长债利率在1.8%以上波 动。央行加量续做MLF，一定程度上体现了呵护流动性以及稳定债市的意图。 日前召开的中国人民银行货币政策委员会2025年第三季度例会在研究下阶段货币政策主要思路时提出，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。 王青认为，综合当前经济增长动能变化、物价走势，以及更大力度推动房地产市场止跌回稳的要求，预计四季度数量型货 币政策工具会进一步发力，央行有可能实施新一轮降准，并适时恢复国债买卖。同时，四季度央行还将综合运用买断式逆回购 和MLF操作，持续向市场注入中期流动性，这意味着年底前市场流动性将继续处于充裕状态，市场利率上行空间不大。 本报记者 ...

Core Insights - The Central Bank of Kyrgyzstan is implementing measures to curb inflation pressures while maintaining economic growth, which has been at a rapid rate of 8%-9% over the past three years [1] - The current monetary policy is moderately tight, contrasting with last year's target-based approach [1] - The annual inflation rate in September was reported at 8.5%, slightly above the Central Bank's target range of 5%-7% [1] Monetary Policy - The Central Bank is focused on preventing economic overheating and ensuring that growth benefits the nation [1] - The benchmark interest rate was raised from 9% to 9.25% during the summer [1] Inflation Context - A significant portion of the consumer basket consists of imported goods, which the Central Bank is working to control in terms of inflation expectations [1] - Despite an increase in inflation pressures this year, the inflation level in Kyrgyzstan remains relatively favorable compared to neighboring countries [1]

Core Points - The People's Bank of China (PBOC) emphasizes the importance of maintaining stability in financial markets, including stock, bond, and foreign exchange markets [1][2] - The meeting outlines five key areas of focus for the central bank, including strengthening the leadership of the Communist Party in financial work and advancing comprehensive and strict governance [1] - The PBOC aims to enhance the monetary policy framework and ensure effective implementation to support stable economic growth and high-quality development [1] Group 1 - The PBOC plans to construct a robust macro-prudential management system and a mechanism for systemic financial risk prevention and resolution [1] - The central bank will continue to support local small and medium financial institutions and address risks in local government financing platforms and the real estate market [1] - The meeting highlights the need for a dynamic improvement of the monetary policy framework and the reform of the RMB exchange rate formation mechanism [1] Group 2 - The PBOC aims to enhance financial services in key areas such as technology finance, green finance, inclusive finance, pension finance, and digital finance [2] - The central bank is committed to advancing the research and application of the digital RMB and promoting the internationalization of the RMB [2] - The PBOC will work on expanding the use of RMB in trade and deepening the two-way opening of financial markets [2]

俄罗斯央行最新动作。 10月24日，俄罗斯央行宣布将关键利率下调50个基点至16.50%。这是俄罗斯央行年内第四次降息，关 键利率已经从年初21%下掉至16.5%，累计下调了450个基点。 俄罗斯央行表示，当前通胀的基本指标没有显著变化，年化的CPI仍保持在4%的通胀目标之上，且通胀 预期仍然很高。 除物价外，俄罗斯经济增长与平衡增长路径的偏差正在缩小。高频数据和调查指标显示，三季度整体经 济活动增速仍然为正，但增速放缓。各行各业的商业活动动态参差不齐。出口导向型行业出现明显降 温。家庭收入和预算支出的增加支撑了国内需求，消费者活动增长有所加快。 与此同时，劳动力市场仍然紧张。工资涨幅比2024年慢，但增长速度仍超过劳动生产率增长。失业率处 于历史最低点，但劳动力短缺的企业比例正在逐渐缩小。 在货币市场方面，资金面总体上仍然紧张。自9月中旬以来，俄罗斯货币市场利率不断上升，反映出市 场参与者对未来关键利率路径的预期上调。但按实际价值计算，近几个月利率没有明显变化。非银行贷 款条件仍然紧张。 展望未来，俄罗斯央行认为，在中期内通胀风险有所增加，并超过通货紧缩风险。主要的通胀风险来自 俄罗斯经济偏离平衡增长路径， ...