本文转自【人民网】； 中国人民银行（以下简称"央行"）公告表示，为保持银行体系流动性充裕，2025年12月15日，央行将以固定数量、利率招标、多重价位中标方式开展6000 亿元买断式逆回购操作，期限为6个月（182天）。 | | | | 中国人民银行 THE PEOPLE'S BANK OF CHINA | | 货币政策司 Monetary Policy Department | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 信息公开 | 新闻发布 | 法律法规 | 货币政策 | 宏观审慎 | 信贷政策 | 金融市场 | 金融稳定 | 调查统计 | 银行会计 | 支付体系 | | | 金融科技 | 人民币 | 经理国库 | 国际交往 | 人员招录 | 学术交流 | 征信管理 | 反洗钱 | 党建工作 | | | 服务互动 | 政务公开 | 政策解读 | 公告信息 | 图文直播 | 央行研究 | 音频视频 | 市场动态 | 网上展厅 | 报告下载 | 报刊年鉴 | | | 网送文告 | 办事大厅 | ...

◎记者 张琼斯 12月12日，央行发布公告，12月15日将以固定数量、利率招标、多重价位中标方式开展6000亿元买断式 逆回购操作，期限为6个月（182天）。 业内专家表示，央行通过各种流动性工具的配合使用，有效应对财政税收、政府债券发行等短期波动， 货币市场运行整体平稳，银行体系流动性保持充裕。这些工具相互配合、各有侧重，已经形成了立体化 的流动性管理工具体系。 保障岁末年初流动性充裕 央行本月加量续作6个月期买断式逆回购，实现净投放2000亿元，继续向市场注入中短期流动性，以更 好地维护市场流动性充裕，保障岁末年初金融市场平稳运行。 王青认为，本次操作主要是考虑到12月政府债券发行规模会处于较高水平，新型政策性金融工具会带动 配套贷款增长，以及12月银行同业存单到期量达3.7万亿元，这些因素会在一定程度上带来资金面收紧 效应。 "着眼于应对潜在的流动性收紧态势，央行继续通过买断式逆回购向银行体系注入流动性，将助力政府 债券发行，引导金融机构加大货币信贷投放力度。"王青表示。 12月还有3000亿元中期借贷便利（MLF）到期。招联首席研究员董希淼预计，央行将在25日前后等量 或加量操作MLF，继续向市场投放 ...

Core Viewpoint - The People's Bank of China (PBOC) announced a 600 billion yuan reverse repurchase operation to maintain liquidity in the banking system, continuing a trend of liquidity support for seven consecutive months [1] Group 1: Liquidity Management - The PBOC will conduct a fixed-quantity, interest-rate tender reverse repurchase operation of 600 billion yuan with a six-month term on December 15 [1] - This operation is part of a broader strategy to keep liquidity ample, aligning with the central economic work conference's directive to maintain sufficient liquidity [1] - The PBOC has effectively managed short-term fluctuations in fiscal revenue and government bond issuance through various tools, ensuring overall stability in the money market [1] Group 2: Tools and Framework - Various liquidity management tools are employed by central banks globally, categorized into four levels: intraday support, daily supply, temporary supply, and structural supply [2] - China's liquidity tool system aligns with international frameworks, with tools like automatic pledge financing and medium-term lending facilities (MLF) corresponding to daily and structural liquidity needs [2][3] - The management logic of these tools, including counterparty selection and collateral management, is consistent with international practices, focusing on high liquidity and low-risk assets [3] Group 3: Future Expectations - An additional 300 billion yuan in MLF is set to mature on December 25, with expectations for continued operations to inject medium-term liquidity into the market [3] - MLF has maintained a trend of increased operations for nine consecutive months as of November [3]

Core Viewpoint - The People's Bank of China (PBOC) is implementing a buyout reverse repurchase operation of 600 billion yuan with a six-month term to inject liquidity into the banking system, continuing a trend of increasing liquidity measures for seven consecutive months [1][2]. Group 1 - The PBOC will conduct a total of 1.6 trillion yuan in reverse repurchase operations in December, with a net injection of 200 billion yuan after accounting for 1.4 trillion yuan in maturing operations [2]. - The central bank aims to stabilize liquidity in response to potential tightening, as various factors, including high government bond issuance and the maturity of interbank certificates of deposit, could lead to a tightening effect on liquidity [2]. - The liquidity tool system in China is comprehensive, covering international liquidity tools, with reverse repos, MLF, and other instruments effectively managing daily liquidity supply [3]. Group 2 - The PBOC's use of various tools has maintained overall stability in the money market, with short-term interest rates fluctuating slightly around policy rate levels, ensuring ample liquidity in the banking system [2][3].

中国人民银行12月12日消息，为保持银行体系流动性充裕，12月15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6000亿元买断式逆 回购操作，期限为6个月（182天）。 对此，东方金诚首席宏观分析师王青分析，一是10月安排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，这意味着年底前两个月会 加发5000亿元地方债，12月政府债券发行规模会处于较高水平；二是10月5000亿元新型政策性金融工具投放完毕后，接下来会带动配套贷款较快增长；三 是12月银行同业存单到期量达到3.7万亿元，较上月明显增加，为年内最高水平。以上都会在一定程度上造成资金面收紧。 "着眼于应对潜在的流动性收紧态势，央行继续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。"王青说。 目前，央行中短期流动性的投放方式已经基本固定，即每月5日前后开展3个月期买断式逆回购、15日前后开展6个月期买断式逆回购、25日前后开展中期 借贷便利（MLF）操作。 "央行继 ...

央行新操作。 12月12日，中国人民银行（下称"央行"）发布公告称，将在15日以固定数量、利率招标、多重价位中标方式开展6000 亿元买断式逆回购操作，期限为6个月（182天）。本次操作后，央行在12月两个期限品种买断式逆回购实现加量续 作，为连续7个月加量续作。 "着眼于应对潜在的流动性收紧态势，央行继续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。"东方金诚首席宏观分析师王青向证券时报记者指出，10月财政部安排5000亿元地方政府债务结存 限额，这意味着12月政府债券发行规模或处于较高水平。另外，新型政策性金融工具投放完毕后，将带动配套贷款较 快增长。最后，12月银行同业存单到期量达到3.7万亿元，为年内最高水平。上述因素都会在一定程度上带来资金面收 紧效应。 近年来，央行通过各种工具的配合使用，有效应对财政税收、政府债券发行等短期波动，货币市场运行整体平稳，短 端货币市场利率围绕政策利率中枢小幅波动，银行体系流动性保持充裕。 "总体看，我国流动性工具体系已较为完整，基本覆盖了国际通行的流动性工具范围。"业内专家表示，逆回购、 MLF、国债买卖等保障日常的流动性供给，常备借 ...

央行新操作。 12月12日，中国人民银行（下称"央行"）发布公告称，将在15日以固定数量、利率招标、多重价位中标方式开展6000亿元买 断式逆回购操作，期限为6个月（182天）。本次操作后，央行在12月两个期限品种买断式逆回购实现加量续作，为连续7个月 加量续作。 "着眼于应对潜在的流动性收紧态势，央行继续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。"东方金诚首席宏观分析师王青向证券时报记者指出，10月财政部安排5000亿元地方政府债务结存限额，这意味着12 月政府债券发行规模或处于较高水平。另外，新型政策性金融工具投放完毕后，将带动配套贷款较快增长。最后，12月银行 同业存单到期量达到3.7万亿元，为年内最高水平。上述因素都会在一定程度上带来资金面收紧效应。 近年来，央行通过各种工具的配合使用，有效应对财政税收、政府债券发行等短期波动，货币市场运行整体平稳，短端货币 市场利率围绕政策利率中枢小幅波动，银行体系流动性保持充裕。 综合央行在12月5日开展的1万亿元3个月期买断式逆回购操作以及本次操作预告来看，央行将在当月累计开展1.6万亿元买断式 逆回购操作，鉴于当月有累计1. ...

Group 1 - The core viewpoint of the articles emphasizes that China's banking system liquidity remains abundant, which is crucial for stabilizing the macroeconomic landscape and ensuring the healthy operation of financial markets [1] - The People's Bank of China (PBOC) has established a comprehensive set of liquidity management tools to effectively respond to short-term fluctuations caused by fiscal policies and government bond issuances, maintaining overall stability in the money market [1][2] - Recent innovations in liquidity management tools, such as including government bond trading in the monetary policy toolkit and creating two new monetary policy tools to support the capital market, are expected to enhance the effectiveness of liquidity management in China [1] Group 2 - Internationally, central banks utilize various tools for liquidity management, which can be categorized into four levels: intraday liquidity support, daily liquidity supply, temporary liquidity supply, and structural liquidity supply [2] - China's liquidity tool system aligns with the mainstream frameworks in Europe and the U.S., reflecting both international practices and domestic market realities [3] - The management logic of China's liquidity tools is consistent with international practices, focusing on banking institutions as counterparties and using high liquidity, low-risk assets like government bonds for collateral [3]

Core Viewpoint - China's liquidity tool system is now relatively complete, covering the range of internationally accepted liquidity tools [1][4] Group 1: Recent Central Bank Actions - On December 12, the People's Bank of China announced a 600 billion yuan reverse repo operation with a six-month term, set to take place on the 15th [1] - This operation represents a net increase of 200 billion yuan, as 400 billion yuan of six-month reverse repos are maturing in December [1] - Earlier, on December 5, the central bank conducted a 1 trillion yuan reverse repo operation for three months, indicating a continuation of liquidity injection for the seventh consecutive month [1] Group 2: Liquidity Management Tools - The central bank has innovated its tools significantly, including incorporating government bond trading into its monetary policy toolbox and creating two new monetary policy tools to support the capital market [2] - Liquidity management tools can be categorized into four levels: 1. Intraday liquidity support for temporary funding needs [2] 2. Daily liquidity supply through regular open market operations [2] 3. Temporary liquidity supply for emergencies, priced above market rates [2] 4. Structural liquidity supply for medium to long-term funding needs [2] Group 3: Comparison with International Standards - China's liquidity tool system aligns with mainstream frameworks in Europe and the U.S., with tools corresponding to international classifications [3] - The management logic of these tools is also consistent with international practices, focusing primarily on banking financial institutions [4] - The pricing of the standing lending facility (SLF) is slightly above the policy rate to balance market demand and prevent excessive reliance on central bank funding [4]

Core Viewpoint - The People's Bank of China has effectively managed short-term fluctuations in fiscal revenue, government bond issuance, and overall monetary market stability through various tools, maintaining ample liquidity in the banking system [1] Group 1: Liquidity Management Tools - Recent innovations in liquidity management tools include incorporating government bond trading into the monetary policy toolbox and creating two new monetary policy tools to support the capital market, which will enhance liquidity management effectiveness [1] - The liquidity management framework in China aligns with international standards, categorizing tools into four main levels: intraday liquidity support, daily liquidity supply, temporary liquidity supply, and structural liquidity supply [2] Group 2: Comparison with International Practices - China's liquidity tool system is comprehensive and corresponds with the four major categories used in international frameworks, such as automatic pledge financing for intraday support and reverse repos for daily liquidity supply [2] - The management logic of these tools is consistent with international practices, focusing on bank financial institutions as counterparties and using high liquidity, low-risk assets like government bonds for collateral [2]