Core Viewpoint - The central bank reported the liquidity provision situation for January 2026, highlighting various monetary policy tools and their net injections or withdrawals [1] Group 1: Monetary Policy Tools - In January, the Medium-term Lending Facility (MLF) had a net injection of 700 billion yuan [1] - The Standing Lending Facility (SLF) recorded a net withdrawal of 79 billion yuan [1] - Other structural monetary policy tools had a net injection of 64.1 billion yuan [1] Group 2: Open Market Operations - In January, the net injection from open market operations included 100 billion yuan from government bond transactions [1] - The 7-day reverse repurchase agreements had a net injection of 167.8 billion yuan [1] - The central treasury cash management saw a net withdrawal of 60 billion yuan, while other term reverse repos had a net injection of 100 billion yuan [1]

Core Viewpoint - The People's Bank of China (PBOC) has released liquidity injection data for January 2026, indicating a mixed approach to monetary policy with significant net injections through various tools [1] Group 1: Monetary Policy Tools - In January, the Medium-term Lending Facility (MLF) saw a net injection of 700 billion yuan [1] - The Standing Lending Facility (SLF) recorded a net withdrawal of 79 billion yuan [1] - Other structural monetary policy tools had a net injection of 641 billion yuan [1] Group 2: Open Market Operations - The net injection from open market operations included 100 billion yuan from government bond transactions [1] - A net injection of 1,678 billion yuan was recorded from 7-day reverse repos [1] - Central treasury cash management showed a net withdrawal of 600 billion yuan, while other term reverse repos had a net injection of 1,000 billion yuan [1]

1月28日金融一线消息，财政部、中国人民银行于2026年1月28日以利率招标、单一价位中标方式进行了 2026年中央国库现金管理商业银行定期存款（一期）招投标。中标总量1500亿元，中标利率1.73%。 责任编辑：秦艺 1月28日金融一线消息，财政部、中国人民银行于2026年1月28日以利率招标、单一价位中标方式进行了 2026年中央国库现金管理商业银行定期存款（一期）招投标。中标总量1500亿元，中标利率1.73%。 责任编辑：秦艺 ...

Group 1 - The Ministry of Finance announced the implementation of the first phase of central treasury cash management time deposits for 2026, with a planned deposit amount of 150 billion yuan [1] - The deposit period is set for one month, starting from January 28, 2026, and ending on February 25, 2026 [1] - The bidding for the deposits will take place on January 28, 2026, from 9:00 AM to 9:30 AM, through the central treasury cash management commercial bank time deposit bidding system [1]

Core Viewpoint - The People's Bank of China (PBOC) and the Ministry of Finance announced a tender for central treasury cash management deposits to enhance the efficiency of cash usage and improve coordination between fiscal and monetary policies [1][2] Group 1: Announcement Details - The tender will take place on January 28, 2026, from 9:00 to 9:30 AM [1][2] - The operation amount for this round is set at 150 billion yuan, with a term of one month (28 days) [1][2] - The interest will start accruing on January 28, 2026, and the maturity date is February 25, 2026, with adjustments for holidays [1][2] - The tender will utilize a rate bidding and single price winning method for participating banks in the central treasury cash management deposit business [1][2]

为提高中央国库现金使用效益，加强财政政策与货币政策的协调配合，财政部、中国人民 银行定于 2026年1月28日上午9:00至9:30，通过中国人民银行中央国库现金管理商业银行定期存款业务系统进行 2026年中央国库现金管理商业银行定期存款（一期）招投标。本期操作量1500亿元，期限1个月（28 天），起息日为2026年1月28日，到期日为2026年2月25日（遇节假日顺延），以利率招标、单一价位中 标方式面向中央国库现金管理商业银行定期存款业务参与银行进行招投标。 ...

Group 1 - The Ministry of Finance and the People's Bank of China will conduct a tender for the 13th phase of central treasury cash management commercial bank time deposits on December 26, 2025, with an operation volume of 150 billion yuan and a term of 1 month (28 days) [1] - The interest rate bidding will be conducted using a single price method for participating banks in the central treasury cash management commercial bank time deposit business [1] - The 14th phase of the same tender will also take place on December 26, 2025, with an operation volume of 60 billion yuan and a term of 14 days [1] Group 2 - The start date for the 13th phase deposits is December 26, 2025, and the maturity date is January 23, 2026, with adjustments for holidays [1] - The 14th phase deposits will start on the same date, December 26, 2025, and will mature on January 9, 2026, also with holiday adjustments [1] - The 14th phase will utilize a multi-price bidding method for the interest rate [1]

央行公告，为提高中央国库现金使用效益，加强财政政策与货币政策的协调配合，财政部、中国人民 银行定于2025年12月26日上午9:50至10:20，通过中国人民银行中央国库现金管理商业银行定期存款业 务系统进行2025年中央国库现金管理商业银行定期存款（十四期）招投标。本期操作量600亿元，期限 14天，起息日为2025年12月26日，到期日为2026年1月9日（遇节假日顺延），以利率招标、多重价位中 标方式面向中央国库现金管理商业银行定期存款业务参与银行进行招投标。招投标有关事宜按照《中央 国库现金管理商业银行定期存款业务操作规程》、《中央国库现金管理商业银行定期存款招投标规则》 及相关规定执行。 ...

Core Points - The Ministry of Finance has announced the implementation of the 11th and 12th phases of central treasury cash management time deposits for 2025 [1] Group 1: Deposit Details - The 11th phase deposit has a term of 1 month with a planned deposit amount of 120 billion yuan, starting from November 24, 2025, and maturing on December 22, 2025 [1] - The 12th phase deposit has a term of 21 days with a planned deposit amount of 80 billion yuan, starting from November 24, 2025, and maturing on December 15, 2025 [1] Group 2: Auction Process - The auction for the 11th phase deposit is scheduled from 9:00 AM to 9:30 AM on November 24, while the auction for the 12th phase deposit is set from 9:50 AM to 10:20 AM on the same day [1] - The auctions will be conducted through the central treasury cash management commercial bank time deposit bidding system, targeting banks participating in the central treasury cash management time deposit business [1]

Core Viewpoint - The Ministry of Finance and the People's Bank of China are conducting a tender for the 2025 Central Treasury Cash Management Commercial Bank Time Deposit (Phase 11) to enhance the efficiency of cash usage and improve coordination between fiscal and monetary policies [1] Group 1 - The tender is scheduled for November 24, 2025, from 9:00 to 9:30 AM [1] - The operation volume for this tender is set at 120 billion yuan, with a maturity period of one month (28 days) [1] - The interest rate will be determined through a bidding process, using a single price method for participating banks [1]