中新社北京12月24日电 (陶思阅)为保持银行体系流动性充裕，中国人民银行24日宣布，将于25日以固定 数量、利率招标、多重价位中标方式开展4000亿元(人民币，下同)中期借贷便利(MLF)操作，期限为1年 期。 据中国央行此前公告，本月有3000亿元MLF到期，即12月MLF净投放1000亿元，为连续10个月加量续 作。 2025年以来，MLF和买断式逆回购均为净投放，东方金诚首席宏观分析师王青认为，这是今年中国央 行降准次数较去年减少1次，国债净买入规模也较去年明显下降的背景下，市场流动性仍处于较为稳定 的充裕状态的原因。 在王青看来，这表明中国货币政策基调从"稳健"调整为"适度宽松"后，数量型货币政策工具持续加大逆 周期调节力度，进而为顺利实现全年经济增长目标提供了关键支撑。(完) （文章来源：中国新闻网） 11月发布的《2025年第三季度中国货币政策执行报告》提到，目前，中国央行基本形成每月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日开展1年期MLF的中长期资金投放 模式。 ...

与此同时，公开市场操作方面，11月，公开市场国债买卖净投放500亿元，中央国库现金管理净投放800 亿元，其他期限逆回购净投放5000亿元。 中国人民银行官网今天发布2025年11月中央银行各项工具流动性投放情况。数据显示，11月，中期借贷 便利(MLF)净投放1000亿元，抵押补充贷款(PSL)净投放254亿元，其他结构性货币政策工具净投放1150 亿元。 ...

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 700 billion yuan reverse repurchase operation on November 5, indicating a continuation of liquidity support in the market [1][4]. Group 1: Reverse Repo Operations - The PBOC will conduct a 700 billion yuan reverse repo operation with a term of three months, effectively rolling over the same amount of maturing reverse repos [1]. - Market institutions expect the PBOC to conduct another six-month reverse repo operation in November, maintaining a net injection of liquidity [1][4]. - Since October last year, the PBOC has consistently used reverse repo operations to address medium to long-term funding gaps [4]. Group 2: Government Bond Operations - The PBOC resumed government bond trading operations in October, injecting 20 billion yuan, which is seen as a significant signal for the market despite the small amount [4][6]. - The resumption of government bond operations is expected to improve market expectations and contribute to a reversal of bearish sentiment in the bond market [6][7]. - The 10-year government bond yield has decreased from 1.8423% to 1.7984% following the announcement of resumed operations, indicating a positive market response [7]. Group 3: Market Impact and Future Outlook - The PBOC's actions are aimed at stabilizing the banking system's liquidity and maintaining a supportive monetary policy stance [4][5]. - Analysts suggest that the PBOC will continue to use a combination of reverse repos and medium-term lending facilities (MLF) to inject liquidity into the market [5]. - To maintain a stable scale of government bond holdings, the PBOC may need to purchase between 700 billion to 1 trillion yuan in government bonds this year [8].