（原标题：央行公布最新国库现金定存招投标结果 1年期下降3个BP） 11月24日，央行官网公布2025年中央国库现金管理商业银行定期存款第十一期、第十二期招投标结果。 中央国库现金定期存款期限一般在1年（含1年）以内，包括1个月、2个月、3个月、6个月、9个月等1个 月以上期限，以及7天、14天、21天等1个月以内期限。中央国库现金定期存款实行利率招标，通过中央 国库现金管理商业银行定期存款业务招标系统进行。中央国库现金定期存款不设基本存款额，当期存款 额全部作为竞争性招标量。 财政部、中国人民银行于2025年11月24日以利率招标、单一价位中标方式进行了2025年中央国库现金管 理商业银行定期存款（十一期）招投标。该期中标总量为1200亿元；期限为1个月，起息日为2025年11 月24日，到期日为2025年12月22日；中标利率为1.73%，较上次下降3个BP。 财政部、中国人民银行于2025年11月24日以利率招标、多重价位中标方式进行了2025年中央国库现金管 理商业银行定期存款（十二期）招投标。该期中标总量为800亿元；期限为21天，起息日为2025年11月 24日，到期日为2025年12月15日。 ...

（文章来源：第一财经） 央行官网消息，财政部、中国人民银行于2025年11月24日以利率招标、多重价位中标方式进行了2025年 中央国库现金管理商业银行定期存款（十二期）招投标，中标总量800亿元。 | 名称 | 中标总量 | 起息日 | 到期日 | | --- | --- | --- | --- | | 2025年中央国库现金 管理商业银行定期存款 | 800亿元 | 2025年 | 2025年 | | (十二期) | | 11月24日 | 12月15日 | ...

Core Points - The Ministry of Finance and the People's Bank of China issued a notification to strengthen the management of collateral for commercial bank deposits in treasury cash management [1][2] - The notification specifies that commercial banks can use government bonds, local government bonds, and policy financial bonds as collateral for treasury deposits, with specific valuation percentages [1] - The notification emphasizes risk monitoring and control for commercial banks involved in treasury cash management, allowing for the recovery of funds in case of significant operational risks [2] Group 1 - The notification aims to enhance performance guarantees and improve risk control mechanisms for treasury cash management [1] - Commercial banks can use collateral based on the face value of bonds, with government bonds valued at 105%, local government bonds at 110%, and policy financial bonds at 110% of the treasury deposit amount [1] - Local government bonds can be pledged across regions without restrictions on the issuing entity [1] Group 2 - The Ministry of Finance and the People's Bank of China will monitor the operational risks and financial conditions of banks holding treasury deposits [2] - In case of default by a deposit bank, the notification outlines that the Ministry of Finance and the People's Bank of China will determine the handling of such situations based on the deposit agreement [2] - The notification allows for the timely recovery of funds if a bank faces significant safety risks or deteriorating operational conditions [2]

Core Points - The Ministry of Finance and the People's Bank of China issued a notification to strengthen cash management and risk control for commercial banks participating in treasury cash management [1][2] - The notification specifies that commercial banks can use government bonds, local government bonds, and policy financial bonds as collateral for treasury time deposits, with specific valuation percentages for each type of bond [1] - The notification emphasizes the importance of monitoring and controlling risks associated with treasury cash management deposits, particularly focusing on the operational risks and financial conditions of the participating banks [1] Summary by Category - **Collateral Management** - Commercial banks can use government bonds, local government bonds, and policy financial bonds as collateral for treasury time deposits [1] - The valuation for collateral is set at 105% for government bonds, 110% for local government bonds, and 110% for policy financial bonds [1] - Local government bonds can be pledged across regions without restrictions on the issuing entity [1] - **Risk Monitoring** - The Ministry of Finance and relevant departments will enhance risk monitoring and prevention for treasury cash management deposits [1] - Special attention will be given to the operational risks and financial health of the banks involved [1] - In case of significant safety risks or deteriorating financial conditions of a deposit bank, the Ministry of Finance may recover funds and release the corresponding bond collateral [1] - **Default Handling** - In the event of a default by a deposit bank, the situation will be handled according to the terms specified in the deposit agreement [2] - If the default is related to force majeure or external risk events, the Ministry of Finance will collaborate with the People's Bank of China to determine the appropriate resolution [2]

Core Viewpoint - The recent notification from the Ministry of Finance and the People's Bank of China emphasizes the need for more refined management of collateral for treasury cash management, aiming to enhance risk control and ensure the safety of treasury funds [1][2]. Group 1: Policy and Regulation - The notification aims to strengthen the collateral management mechanism, which is a core risk control measure in treasury cash management [2]. - Commercial banks must provide sufficient and qualified bonds as collateral when obtaining treasury cash deposits, with specific collateral ratios set for different types of bonds [2][3]. - The new regulations introduce a more differentiated collateral risk management framework based on bond type, maturity, and liquidity characteristics, enhancing both safety and efficiency [2][4]. Group 2: Market Impact - The treasury cash management operations have become an important indicator of market liquidity, reflecting the deep integration of fiscal operations and financial markets [3][5]. - The successful execution of large-scale treasury cash management operations, such as those in Guangxi and Zhejiang, highlights the effectiveness of the improved collateral management system [5]. Group 3: Historical Context and Evolution - The evolution of the treasury cash management system in China over nearly two decades has seen a shift from a single type of collateral to a diversified system, reflecting a deeper understanding of market dynamics by regulatory authorities [4][5]. - The reforms have significantly improved the efficiency of fiscal funds, with over 20 trillion yuan managed without any reported losses as of the end of 2022 [5]. Group 4: Future Outlook - Future enhancements to the collateral management system will focus on dynamic market-based adjustments and the introduction of default handling mechanisms, indicating a trend towards more sophisticated risk management [5][6]. - The ongoing improvements in treasury cash management are expected to bolster the effectiveness of fiscal funds, reduce financing costs for commercial banks, and promote the development of the bond market [6].

Core Points - The Ministry of Finance and the People's Bank of China issued a notification to strengthen the management of collateral for commercial bank deposits in treasury cash management [1][2] - The notification specifies the types of collateral that can be used, including government bonds, local government bonds, and policy financial bonds, with certain restrictions on partially repaid bonds [1] - The valuation and ratio for collateral are set at 105% for government bonds, 110% for local government bonds, and 110% for policy financial bonds, based on the amount of treasury deposits [1] Summary by Sections - **Notification Implementation**: The notification takes effect immediately and replaces the previous regulation from 2015. Existing pledges made under the old rules will not be adjusted [2] - **Collateral Management**: The notification aims to enhance risk control mechanisms and ensure the safety of treasury cash management funds by defining acceptable collateral types and their valuation [1][2] - **Future Adjustments**: The Ministry of Finance and the People's Bank of China will adjust the collateral types and ratios as needed based on changes in the bond market to ensure the safety of deposit funds [2]

Core Points - The Ministry of Finance and the People's Bank of China issued a notification regarding the management of collateral for commercial bank time deposits in treasury cash management [1] - The notification specifies that collateral for time deposits will be valued at face value of bonds, with government bonds, local government bonds, and policy financial bonds being pledged at 105%, 110%, and 110% of the treasury time deposit amount respectively [1] - The operational procedures for pledging involve commercial banks using local government bonds or policy financial bonds, following the established guidelines for government bond pledges [1] Risk Monitoring and Control - The finance department, in collaboration with relevant authorities, will enhance risk monitoring and control for commercial bank time deposits in treasury cash management, focusing on the operational risks and financial conditions of the deposit banks [2] - In cases where a deposit bank faces significant safety risks or deteriorating operational conditions that affect the security of funds, the finance department may recover funds promptly and release the corresponding bond pledges after recovery [2]

Core Viewpoint - The Ministry of Finance and the People's Bank of China issued a notification to enhance the management of collateral for commercial banks' time deposits in treasury cash management [1] Group 1: Notification Details - The notification allows commercial banks participating in central and local treasury cash management to use various types of bonds as collateral for treasury time deposits, including book-entry government bonds, local government bonds, and policy financial bonds [1] - Bonds that have been partially repaid are not eligible to be used as collateral [1] - Local government bonds can be pledged across regions without restrictions on the issuing entity [1]