北京商报讯(记者刘四红)12月24日，人民银行发布消息称，为保持银行体系流动性充裕，12月25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4000亿元MLF(中期借贷便利)操作，期限 为1年期。 ...

2025年12月中期借贷便利招标公告 为保持银行体系流动性充裕，2025年12月25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4000亿元MLF操作，期限为1年期。 责任编辑：刘万里 SF014 2025年12月中期借贷便利招标公告 为保持银行体系流动性充裕，2025年12月25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4000亿元MLF操作，期限为1年期。 责任编辑：刘万里 SF014 ...

Core Viewpoint - The domestic funding market interest rates are experiencing a short-term rise and long-term decline trend, influenced by tax payments and liquidity injections from the central bank [1][3]. Interest Rate Summary - As of November 11, the Shanghai Interbank Offered Rate (Shibor) for overnight, 1-week, and 2-week rates are reported at 1.508%, 1.501%, and 1.518%, showing increases of 19.3, 8.6, and 4 basis points respectively compared to November 4 [2]. - The 1-month, 3-month, 6-month, 9-month, and 1-year rates are reported at 1.525%, 1.58%, 1.618%, 1.639%, and 1.65%, reflecting decreases of 2.1, 1.4, 0.85, 1.3, and 0.8 basis points respectively compared to November 4 [2]. Central Bank Operations - The central bank has a total of 495.8 billion yuan in reverse repos maturing this week and has conducted 523.7 billion yuan in reverse repo operations in the first two working days to stabilize short-term funding demand [3]. - The central bank is expected to release significant liquidity into the market through reverse repos during the week [3]. Economic Outlook - In October, the Consumer Price Index (CPI) rose from a year-on-year decline of 0.4% to an increase of 0.2%, enhancing market confidence and supporting long-term interest rates [3]. - Future expectations indicate a reversal in domestic funding market interest rates, likely transitioning to a short-term decline and long-term increase pattern as short-term funding demand subsides post-tax payments [3].

Group 1: Central Bank Operations - The People's Bank of China conducted a 7-day reverse repurchase operation of 355.1 billion yuan today, resulting in a net injection of 187.1 billion yuan after 168 billion yuan of reverse repos matured [1] - This week, the central bank executed a total of 2,068 billion yuan in reverse repos and 900 billion yuan in one-year Medium-term Lending Facility (MLF) operations, achieving a net injection of 1,400.8 billion yuan overall due to the maturity of 867.2 billion yuan in reverse repos and 700 billion yuan in one-year MLF [1] - The bidding amount for the reverse repo was 355.1 billion yuan, with the same amount being awarded, and the operation interest rate remained unchanged at 1.40% [1] Group 2: Foreign Exchange Market - As of October 31, 2025, the central parity rate of the RMB against the USD was reported at 7.0880, reflecting a depreciation of 16 points [2] - The EUR/RMB exchange rate was 8.2138, down by 196 points, while the HKD/RMB rate increased by 3.2 points to 0.91227 [2] - Other notable exchange rates included GBP/RMB at 9.3414 (down 233 points), AUD/RMB at 4.6561 (down 98 points), and JPY/RMB at 4.6103 (down 389 points) [2]

Core Viewpoint - The People's Bank of China (PBOC) announced a plan to conduct a Medium-term Lending Facility (MLF) operation of 900 billion yuan to maintain ample liquidity in the banking system, scheduled for October 27, 2025 [1]. Group 1: MLF Operation Details - The MLF operation will be conducted using a fixed quantity and interest rate bidding method, with multiple price levels for bidding [1]. - The operation will have a term of one year [1]. Group 2: Understanding MLF - MLF, or Medium-term Lending Facility, was established by the PBOC in September 2014 and is commonly referred to as "麻辣粉" (spicy powder) in the market [2]. - It serves as a monetary policy tool that provides medium-term base currency, allowing eligible commercial banks and policy banks to apply for funds from the central bank [2].

Core Viewpoint - The People's Bank of China (PBOC) announced a monetary policy operation to maintain ample liquidity in the banking system by conducting a 900 billion yuan MLF operation with a one-year term on October 27, 2025 [1]. Group 1 - The PBOC will implement a fixed quantity, interest rate bidding, and multiple price bidding method for the MLF operation [1].

Group 1 - The People's Bank of China conducted a 600 billion yuan Medium-term Lending Facility (MLF) operation on August 25, with a one-year term, to maintain ample liquidity in the banking system [1] - With 300 billion yuan of MLF maturing this month, the net injection of MLF in August reached 300 billion yuan, marking the sixth consecutive month of increased operations, aligning with market expectations [1] - MLF serves as a monetary policy tool that provides medium-term base currency, influencing the cost of financing for financial institutions and guiding them to offer low-cost funds to the real economy, thereby reducing social financing costs [3]

Core Viewpoint - The People's Bank of China (PBOC) is conducting a 600 billion yuan Medium-term Lending Facility (MLF) operation to maintain liquidity in the banking system, marking the sixth consecutive month of net MLF injection [1] Group 1: MLF Operation Details - On August 25, the PBOC will implement a fixed-quantity, interest-rate bidding, multi-price MLF operation totaling 600 billion yuan with a one-year term [1] - With 300 billion yuan of MLF maturing this month, the net MLF injection for August will reach 300 billion yuan [1] Group 2: Purpose and Impact - The MLF is a monetary policy tool that provides medium-term base currency to the banking system [1] - The MLF interest rate influences the cost of medium-term financing for financial institutions, affecting their balance sheets and market expectations [1] - This operation aims to guide financial institutions in providing low-cost funds to the real economy, thereby promoting a reduction in social financing costs [1]

Core Viewpoint - The People's Bank of China (PBOC) is conducting a 600 billion yuan Medium-term Lending Facility (MLF) operation to maintain liquidity in the banking system, marking the sixth consecutive month of net MLF injection [1] Group 1: MLF Operation Details - On August 25, the PBOC will implement a fixed-quantity, interest-rate bidding, multi-price bidding method for the 600 billion yuan MLF operation, with a term of one year [1] - This operation comes as 300 billion yuan of MLF is set to mature this month, resulting in a net MLF injection of 300 billion yuan for August [1] Group 2: Purpose and Impact - The MLF is a monetary policy tool that provides medium-term base currency, influencing the cost of medium-term financing for financial institutions [1] - By adjusting the MLF rate, the PBOC aims to guide financial institutions in providing low-cost funds to the real economy, thereby reducing social financing costs [1]

Core Viewpoint - The People's Bank of China (PBOC) is conducting a Medium-term Lending Facility (MLF) operation of 600 billion yuan to maintain ample liquidity in the banking system [1] Group 1 - The MLF operation will take place on August 25, 2025, using a fixed quantity and interest rate bidding method [1] - The term of the MLF operation is set for one year [1]