Core Viewpoint - The People's Bank of China (PBOC) announced a fixed quantity, interest rate tender, multi-price bidding operation for a total of 1.1 trillion yuan in reverse repos, set to take place on October 9, 2025, with a maturity of three months (91 days) [1]. Group 1 - The operation aims to maintain ample liquidity in the banking system [1]. - The PBOC's reverse repo operation on October 9 will be an increase of 300 billion yuan compared to the 800 billion yuan of three-month reverse repos maturing in October [5].

中国人民银行官网今天发布消息，为丰富香港高信用等级人民币金融产品，完善香港人民币收益率曲线，根据中国人民银行与香港金融管理局 签署的《关于使用债务工具中央结算系统发行中国人民银行票据的合作备忘录》， 2025年9月22日（周一）中国人民银行将通过香港金融管理 局债务工具中央结算系统（CMU）债券投标平台，招标发行2025年第七期中央银行票据。 | | | 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?家 | 学术交流 | 征信管理 | 反洗钱 | 覚建工作 | | | 服务互动 | 政务公开 | 政策解读 | 公告信息 | 图文直播 ...

Core Viewpoint - The People's Bank of China (PBOC) has implemented significant liquidity measures in August, indicating a strategic approach to stabilize the financial system and support credit growth [1] Group 1: Central Bank Operations - In August, the PBOC injected 600 billion yuan through the Medium-term Lending Facility (MLF) while withdrawing 300 billion yuan, resulting in a net injection of 300 billion yuan [1] - The net withdrawal of 160.8 billion yuan through the Pledged Supplementary Lending (PSL) suggests a positive economic growth trend and a shift in the funding demand structure from the real economy [1] - The PBOC did not conduct any public market transactions involving government bonds in August, focusing instead on reverse repos with a net injection of 300 billion yuan [1]

Core Points - The People's Bank of China (PBOC) announced a fixed quantity, interest rate tender for a reverse repurchase operation of 500 billion yuan, scheduled for August 15, 2025, with a term of 6 months (182 days) [1] Group 1 - The operation aims to maintain ample liquidity in the banking system [1]

Core Viewpoint - The People's Bank of China (PBOC) is implementing a series of reverse repurchase operations to maintain liquidity in the banking system, with a significant operation of 500 billion yuan scheduled for August 15, 2025 [2][5]. Group 1: Reverse Repo Operations - On August 14, the PBOC conducted a 128.7 billion yuan 7-day reverse repo operation, while 160.7 billion yuan was due, resulting in a net withdrawal of 32 billion yuan [5]. - The upcoming 500 billion yuan reverse repo operation is expected to provide a net injection of liquidity, helping to alleviate the funding pressure in the interbank market during mid-August [5]. Group 2: Market Impact - The PBOC's actions are aimed at ensuring ample liquidity in the banking system, which is crucial for stabilizing financial markets and supporting economic activity [2][5].

Group 1 - The People's Bank of China (PBOC) conducted a reverse repurchase operation of 1.2 trillion yuan on April 30, 2025, using a fixed quantity, interest rate bidding, and multiple price bidding method [1][6] - The operation included 700 billion yuan for a 3-month term and 500 billion yuan for a 6-month term [5] - Additionally, the PBOC carried out a reverse repurchase operation of 530.8 billion yuan with a fixed interest rate of 1.5% on the same day [6][11] Group 2 - The PBOC did not conduct any public market treasury bond transactions in April 2025 [12] - The liquidity in the market showed mixed trends, with the overnight Shanghai Interbank Offered Rate (Shibor) decreasing by 6.2 basis points to 1.541%, while the 7-day Shibor increased by 2.5 basis points to 1.748% [15] - Analysts predict a relatively large liquidity gap in May, but expect the PBOC to maintain a supportive stance on liquidity, keeping interest rates loose [15]

Core Viewpoint - The People's Bank of China announced its open market operations, indicating a focus on liquidity management through reverse repos, with specific amounts allocated for different maturities [1]. Group 1: Monetary Policy Operations - The central bank conducted a reverse repo operation with a total amount of 1 trillion yuan, which includes 700 billion yuan for a 3-month term and 500 billion yuan for a 6-month term [4].