本报记者 刘琪 对于11月份央行中期流动性保持净投放状态，东方金诚首席宏观分析师王青在接受《证券日报》记者采访时认为，原因有 三方面：其一，10月份安排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，这意味着年底前会加发5000 亿元地方债，11月份政府债券净融资规模会有明显上升；其二，10月份5000亿元新型政策性金融工具投放完毕，在带动当月委 托贷款走高后，接下来还会带动配套中长期贷款较快投放；其三，11月份银行同业存单到期量也有明显增加。"上述因素都会 在一定程度上收紧银行体系流动性，需要央行给予流动性支持。"王青说。 "央行通过MLF和买断式逆回购向银行体系注入中期流动性，有助于保持资金面处于较为稳定的充裕状态。这能助力政府 债券发行，引导金融机构加大货币信贷投放力度。"王青表示，近期央行持续较大规模向银行体系注入中期流动性，也释放了 数量型政策工具持续加力的信号，显示货币政策延续支持性立场，有助于稳增长、稳预期。 央行在近期发布的《2025年第三季度中国货币政策执行报告》中强调，保持流动性充裕，使社会融资规模、货币供应量增 长同经济增长、价格总水平预期目标相匹配，持续营造适宜的货币 ...

每经AI快讯，11月24日，本周央行公开市场将有16760亿元逆回购到期，其中周一至周五逆回购分别到 期2830亿元、4075亿元、3105亿元、3000亿元、3750亿元。此外，周二将有9000亿元MLF到期，周五 将有3000亿元182天期买断式逆回购到期。 ...

份额方面，30年国债ETF博时最新份额达1.75亿份，创近1月新高。 截至2025年11月17日 11:27，30年国债ETF博时(511130)上涨0.15%，最新价报107.98元。拉长时间看， 截至2025年11月14日，30年国债ETF博时近1月累计上涨1.48%。 流动性方面，30年国债ETF博时盘中换手9.64%，成交18.21亿元。拉长时间看，截至11月14日，30年国 债ETF博时近1月日均成交34.62亿元。 央行日前公告，为保持银行体系流动性充裕，11月17日将以固定数量、利率招标、多重价位中标方式开 展8000亿元买断式逆回购操作，期限为6个月（182天）。数据显示，11月有3000亿元6个月期买断式逆 回购到期。这意味着本月6个月期买断式逆回购加量续作5000亿元。此前，央行已于11月5日开展7000亿 元3个月期买断式逆回购，由于当月有同样规模3个月期买断式逆回购到期，因此月内为等量续作。 机构认为，年内来看，在短时间降息预期不强的情况下（根据浮息债与固息债的价格测算，当前市场对 于短期资金宽松和LPR下调均没有预期），长端国债利率和短端存单利率均很难有明显下行空间。年底 需要关注机 ...

Core Viewpoint - The People's Bank of China (PBOC) is conducting a 800 billion yuan reverse repurchase operation to maintain ample liquidity in the banking system, indicating a continued supportive monetary policy stance [1] Group 1: Monetary Policy Actions - On November 17, the PBOC will conduct a reverse repurchase operation of 800 billion yuan with a six-month term (182 days) [1] - This operation follows a previous 700 billion yuan reverse repurchase operation conducted on November 5, which had a three-month term [1] - The total amount of six-month reverse repos maturing in November is 300 billion yuan, meaning the current operation adds 500 billion yuan to the existing liquidity [1] Group 2: Market Implications - The continuous increase in reverse repurchase operations for six consecutive months signals a commitment to maintaining liquidity and supporting government bond issuance [1] - Analysts suggest that these actions will encourage financial institutions to increase monetary credit supply, thereby stabilizing market confidence [1]

Core Viewpoint - The People's Bank of China (PBOC) will conduct a 800 billion yuan reverse repurchase operation on November 17, 2025, to maintain liquidity in the banking system, with a term of 6 months [1][2]. Group 1: Monetary Policy Actions - The PBOC's operation will involve a fixed amount and interest rate bidding with multiple price levels, indicating a proactive approach to liquidity management [1][2]. - In November, there will be a total of 500 billion yuan in additional reverse repos, which is an increase of 100 billion yuan compared to the previous month, marking the sixth consecutive month of liquidity injection through reverse repos [2][3]. Group 2: Economic Context and Implications - The increase in liquidity is necessary due to the upcoming issuance of 500 billion yuan in local government bonds and the completion of 500 billion yuan in new policy financial instruments, which are expected to boost loan growth [3][4]. - Analysts suggest that the PBOC's actions are aimed at stabilizing the funding environment, supporting government bond issuance, and encouraging financial institutions to increase credit lending [3][4]. - The fourth quarter is seen as a critical period for growth stabilization policies, with the PBOC's measures being timely and necessary to ensure sufficient market liquidity [3][4].

11月14日，人民银行（下称"央行"）发布预告称，将在17日以固定数量、利率招标、多重价位中标方式开展8000亿元买 断式逆回购操作，期限为6个月（182天）。综合11月操作量与到期量看，本次操作意味着当月央行买断式逆回购将实现 加量续作，累计净投放5000亿元。 自去年10月启用以来，央行持续开展买断式逆回购操作补充中长期资金缺口。为进一步提高买断式操作信息披露的时效性， 央行自今年6月起调整为操作前发布招标公告，明确操作日期和操作量等信息，稳定市场预期。 对于国债买卖操作，市场机构更看重央行重启操作的信号意义，预计央行通过买入国债大幅投放流动性的必要性不强。光大 证券固定收益首席分析师张旭此前接受记者采访时表示，无论是否重启国债买卖，央行皆有能力维护银行体系流动性的充 裕。 11月虽有累计1万亿元到期量，但综合央行在11月5日开展的7000亿元3个月期买断式逆回购操作以及最新操作预告来看，央 行在当月累计开展1.5万亿元买断式逆回购操作，为连续六个月加量续作。 责编：战术恒 排版：刘珺宇 校 对： 王朝全 对于央行买断式逆回购继续加量续作，东方金诚宏观分析师王青向证券时报记者指出，5000亿元新型政策性金 ...

Core Viewpoint - The People's Bank of China (PBOC) is conducting a buyout reverse repurchase operation of 800 billion yuan to maintain ample liquidity in the banking system, marking the second such operation in November 2023 [2] Group 1: Reverse Repo Operations - On November 5, the PBOC conducted a buyout reverse repo operation of 700 billion yuan with a 3-month term, indicating a trend of increasing liquidity support [2] - The total amount of buyout reverse repos in November is 1.5 trillion yuan, which is an increase of 100 billion yuan compared to the previous month, reflecting a continuous expansion for six months [2][3] Group 2: Reasons for Increased Liquidity Support - The increase in liquidity support is attributed to three main factors: the issuance of 500 billion yuan in local government bonds to address existing debt and boost effective investment, the completion of 500 billion yuan in new policy financial tools, and a significant rise in the maturity of interbank certificates of deposit [3] - These factors are expected to tighten liquidity in the banking system, necessitating support from the PBOC [3] Group 3: Market Conditions and Future Expectations - The liquidity market in November is relatively loose, with overnight and 7-day rates at their lowest levels this year, and the PBOC's reverse repo operations are expected to result in a net injection of 500 billion yuan, the highest monthly net injection since February [4] - The PBOC is likely to continue using both buyout reverse repos and medium-term lending facilities (MLF) to inject liquidity into the market, although the scale of liquidity injection may decrease compared to previous months [4]

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 800 billion yuan reverse repurchase operation on November 17, 2025, to maintain ample liquidity in the banking system, indicating a supportive monetary policy stance aimed at stabilizing growth and expectations [1][2]. Group 1: Monetary Policy Actions - The PBOC will implement a fixed-quantity, interest-rate bidding, multi-price reverse repurchase operation of 800 billion yuan with a term of 6 months (182 days) [1]. - In November, there are 700 billion yuan of 3-month reverse repos and 300 billion yuan of 6-month reverse repos maturing, with the PBOC having already conducted an equal amount of 3-month reverse repos on November 5 [1]. - The PBOC has established a monthly funding injection model, conducting 3-month reverse repos around the 5th, 6-month reverse repos around the 15th, and 1-year Medium-term Lending Facility (MLF) around the 25th [1]. Group 2: Market Implications - The injection of medium-term liquidity through reverse repos helps maintain a stable and ample funding environment, supporting government bond issuance and encouraging financial institutions to increase credit supply [2]. - The PBOC's larger-scale continuation of reverse repos signals a sustained use of quantity-based policy tools, reinforcing a supportive monetary policy stance [2]. - There is an expectation of a small increase in MLF operations, with 900 billion yuan of MLF maturing in November, indicating a comprehensive approach to liquidity management by the PBOC [2].

为保持银行体系流动性充裕，2025年11月17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8000亿元买断式逆回购操作，期限为6个月（182天）。 ...

Core Viewpoint - The People's Bank of China announced a fixed quantity, interest rate bidding, multi-price bidding operation for a total of 800 billion yuan in reverse repos, set to maintain ample liquidity in the banking system [1]. Group 1: Monetary Policy Actions - On November 14, 2025, the People's Bank of China will conduct a buyout reverse repo operation amounting to 800 billion yuan, with a term of 6 months (182 days) [1].