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。 俄罗斯央行表示，将维持必要的紧缩货币条件，以使通胀回到目标水平。在基准条件中，这意味着2026 年平均关键利率在13.0%—15.0%之间，因此长期紧缩货币政策仍然继续维持。关键利率的进一步决定 将取决于通胀放缓的可持续性和通胀预期。 数据显示，俄罗斯第三季度CPI上涨6.4%，核心CPI上涨4.4%，均比二季度有所上涨。俄罗斯央行认 为，三季度通胀上涨在很大程度上受到一次性因素的影响，其中包括汽油价格上涨，以及秋季水果和蔬 菜价格上涨速度快于往常。 俄罗斯央行表示，当前的通胀压力将在2025年底和2026年初暂时增加，原因包括价格调整，和对即将到 来的增值税上涨导致的通胀预期。随着这些因素的消退，通胀将会缓解。 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 ...

Group 1 - The People's Bank of China (PBOC) conducted a 168 billion yuan 7-day reverse repurchase operation with an interest rate of 1.40% on October 24, resulting in a net injection of 32 billion yuan after 164.8 billion yuan of reverse repos matured on the same day [1] - For the week, the PBOC carried out a total of 867.2 billion yuan in 7-day reverse repos, with 789.1 billion yuan maturing, leading to a total net injection of 78.1 billion yuan [1] - The Shanghai Interbank Offered Rate (Shibor) for the 14-day tenor rose to 1.56%, with the overnight Shibor increasing by 0.20 basis points to 1.3200% and the 7-day Shibor decreasing by 0.30 basis points to 1.4140% [1][2] Group 2 - In the interbank pledged repo market, the weighted average rates for overnight and 14-day products slightly increased, with DR001 and R001 rising by 0.5 basis points and 0.8 basis points to 1.3221% and 1.3802%, respectively [5] - The weighted average rates for DR007 and R007 decreased by 1.6 basis points and 0.7 basis points to 1.411% and 1.4649%, respectively, with transaction volumes showing mixed trends [5] - As of October 24, there were 110 interbank certificates of deposit issued, with a total issuance amount of 172.3 billion yuan, indicating a stable trading sentiment in the primary market [13] Group 3 - As of the end of the third quarter of 2025, the balance of RMB loans from financial institutions reached 270.39 trillion yuan, reflecting a year-on-year growth of 6.6%, with a total increase of 1.475 trillion yuan in the first three quarters [15] - The balance of RMB real estate loans was 52.83 trillion yuan, showing a slight year-on-year decline of 0.1%, with a reduction of 84 billion yuan in the first three quarters [15] - The PBOC plans to conduct a 900 billion yuan Medium-term Lending Facility (MLF) operation on October 27, 2025, to maintain ample liquidity in the banking system [15]

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 900 billion yuan Medium-term Lending Facility (MLF) operation on October 27, marking the eighth consecutive month of increased MLF issuance to maintain liquidity in the banking system [1] Group 1 - The PBOC will conduct the MLF operation with a one-year term, resulting in a net injection of 200 billion yuan for October, following the maturity of 700 billion yuan in MLF [1] - The combined liquidity release from MLF and reverse repos in October amounts to 600 billion yuan, maintaining the same scale as the previous month, reflecting the central bank's moderately accommodative monetary policy stance [1] - Since March, the MLF has shifted back to its role as a liquidity injection tool, providing stability for financial institutions amid pressures on net interest margins [1] Group 2 - The MLF operation has improved its bidding mechanism, allowing institutions to prepare for liquidity arrangements in advance, which enhances their ability to determine bidding rates based on demand [2] - The PBOC is expected to continue injecting medium-term liquidity into the market by utilizing both reverse repos and MLF as policy tools [2]

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。 俄罗斯央行表示，将维持必要的紧缩货币条件，以使通胀回到目标水平。在基准条件中，这意味着2026 年平均关键利率在13.0%—15.0%之间，因此长期紧缩货币政策仍然继续维持。关键利率的进一步决定 将取决于通胀放缓的可持续性和通胀预期。 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。 俄罗斯关键利率走势(2020年1月至今) 俄罗斯央行表示，当前的通胀压力将在2025年底和2026年初暂时增加，原因包括价格调整，和对即将到 来的增值税上涨导致的通胀预期。随着这些因素的消退，通胀将会缓解。 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 ...

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。 俄罗斯央行表示，将维持必要的紧缩货币条件，以使通胀回到目标水平。在基准条件中，这意味着2026年 平均关键利率在13.0%—15.0%之间，因此长期紧缩货币政策仍然继续维持。关键利率的进一步决定将取 决于通胀放缓的可持续性和通胀预期。 鉴于当前的货币政策立场，俄罗斯央行预测2026年年通胀率将降至4.0%—5.0%。2027年及以后年度通胀 率将保持在目标水平。 数据显示，俄罗斯第三季度CPI上涨6.4%，核心CPI上涨4.4%，均比二季度有所上涨。俄罗斯央行认为， 三季度通胀上涨在很大程度上受到一次性因素的影响，其中包括汽油价格上涨，以及秋季水果和蔬菜价格 上涨速度快于往常。 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券 ...

责编：万健祎 校对： 吕久彪 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 连续八个月加量续作。 为保持银行体系流动性充裕，中国人民银行10月24日发布预告称，将在10月27日（周一）以固定数量、 利率招标、多重价位中标方式开展9000亿元中期借贷便利（MLF）操作，期限为1年期。鉴于10月有 7000亿元MLF到期，本月央行MLF净投放将达到2000亿元，为央行连续第八个月对MLF加量续作。 公开市场国债买卖操作、公开市场买断式逆回购操作以及MLF操作是在央行每日根据一级交易商需求连续 开展7天期逆回购操作的基础上，额外投放的中长期资金。10月以来，央行两度开展公开市场买断式逆回 购操作，累计净投放4000亿元。综合来看，MLF与买断式逆回购两项政策工具在10月合计释放中期流动 性6000亿元，与上月净投放规模持平，继续展现出央行适度宽松的货币政策取向。 自今年3月MLF政策属性完全退出，回归流动性投放工具定位以来，央行持续保持对MLF加量续作。市场 机构普遍认为，在保持流动性充裕和银行净息差持续承压的背景下，MLF期限偏长、投 ...

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 900 billion yuan Medium-term Lending Facility (MLF) operation on October 27, indicating a continued effort to maintain liquidity in the banking system [1] Summary by Relevant Sections MLF Operations - The PBOC will conduct a 900 billion yuan MLF operation with a one-year term, marking the eighth consecutive month of increased MLF issuance [1] - With 700 billion yuan of MLF maturing in October, the net MLF injection for the month will reach 200 billion yuan [1] Market Liquidity - In October, the PBOC has conducted two rounds of reverse repos, resulting in a total net injection of 400 billion yuan [1] - Combined, the MLF and reverse repos will release a total of 600 billion yuan in medium-term liquidity for October, maintaining the same net injection scale as the previous month [1] Monetary Policy Direction - Since March, the MLF has returned to its role as a liquidity injection tool, with the PBOC consistently increasing MLF issuance [1] - Analysts believe that the PBOC will continue to use both reverse repos and MLF to inject medium-term liquidity into the market [1]

"十五五"时期是我国基本实现社会主义现代化的关键承启阶段，政策以高质量发展为主线，锚定"七大 发展目标"与2035年远景目标，通过"六个坚持"筑牢治理基石。 在形势判断方面，全会认为，"十五五"时期我国发展环境面临深刻复杂变化，我国发展处于战略机遇和 风险挑战并存、不确定性难以预料因素增多的时期。 东方金诚首席宏观分析师王青表示，在外部环境方面，主要受科技与产业变革驱动，一段时期以来世界 各国经济发展态势、国际力量格局对比发生深刻调整，我国经济社会发展面临的外部环境也趋于复杂， 挑战性上升。 "这主要包括美国在全球范围内大幅上调关税，对我国的高科技限制措施越来越多，一些国家强调'去风 险'，经济全球化遭遇逆风逆流。这意味着'十五五'期间我国必须实现科技自立自强，强化产业链安全， 更多依靠内需拉动经济增长，加强国家安全体系和能力建设，重点是粮食安全、能源安全和金融安全， 把'安全'上升到新的高度。"王青对《华夏时报》记者分析称。 本报（chinatimes.net.cn）记者刘佳 北京报道 2025年10月20日至23日，党的二十届四中全会在北京举行。会议明确提出 "十五五" 时期经济社会发展 主要目标，既明确 ...

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 900 billion yuan Medium-term Lending Facility (MLF) operation on October 27, maintaining liquidity in the banking system amid a backdrop of expiring MLFs and a consistent monetary policy approach [1][3]. Group 1: MLF Operations - The PBOC will conduct a 900 billion yuan MLF operation with a one-year term, resulting in a net injection of 200 billion yuan for October, marking the eighth consecutive month of increased MLF operations [1]. - The MLF operation is part of a broader strategy that includes open market operations and reverse repos, with a total of 600 billion yuan in medium-term liquidity released in October, consistent with the previous month [3]. - Since March, the MLF has shifted back to its role as a liquidity provision tool, with market institutions expecting continued support through MLF and reverse repos to maintain liquidity [3][4]. Group 2: Market Impact and Mechanism - The MLF operation's bidding mechanism has been improved, allowing for pre-announcement of bidding results, which aids financial institutions in planning their liquidity needs [3]. - The multi-price bidding approach enhances the ability of institutions to set bidding rates according to their needs, improving market-driven pricing capabilities [3]. - Analysts predict that the PBOC will continue to utilize both reverse repos and MLF to inject medium-term liquidity into the market [4].

A fresh reading Friday showing that inflation cooled slightly in September is likely to keep the Federal Reserve on course for another quarter-percentage-point interest rate cut next week amid continued concerns about the job market. The Consumer Price Index (CPI) clocked in at 3% for the month of September, a tenth of a percent lower than expected, but inching up from the 2.9% rate in August. On a core basis, which excludes volatile food and energy prices and is the preferred Fed measure, inflation also ...