记者 辛圆 中国人民银行发布公告称，为保持银行体系流动性充裕，10月9日以固定数量、利率招标、多重价位中标方式开展11000亿元买断式逆回购操作，期限为3个 月（91天）。 数据显示，10月将有8000亿3个月期买断式逆回购到期。由此，央行10月9日开展11000亿元买断式逆回购操作，意味着10月3个月期买断式逆回购加量续作 3000亿。 王青分析称，央行这一"动作"背后的主要原因在于，10月政府债券还会较大规模发行；9月29日国家发改委宣布，当前正在加快推进5000亿新型政策性金融 工具相关工作，预计接下来会较大幅度拉动配套贷款投放。 另外，他指出，当前股市强势运行，10月居民存款"搬家"现象还会比较明显。以上都会在一定程度上带来资金面收紧效应。由此，着眼于应对潜在的流动性 收紧态势，央行通过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。这在助力政府债券发行，引导金融机构加大货 币信贷投放力度的同时，也将释放数量型政策工具持续加力信号，显示货币政策延续支持性立场。 9月26日召开的央行货币政策委员会2025年第三季度例会建议，加强货币政策调控，提高前瞻性、针对性、有效性，根据 ...

本文字数：2685，阅读时长大约4分钟 作者 | 第一财经 杜川 央行中期流动性投放力度持续加码。9月25日，中国人民银行开展6000亿元1年期中期借贷便利 （MLF）操作，以"固定数量、利率招标、多重价位中标"模式为市场注入中期资金。当月有3000亿 元MLF到期， 此次操作实现MLF净投放3000亿元，至此央行已连续7个月对MLF进行加量续作。 当天，央行公开市场开展4835亿元7天期逆回购操作，操作利率1.40%。Wind数据显示，今日有4870 亿元逆回购到期。 2025.09. 25 从全月流动性投放布局来看，除MLF操作外，截至25日，央行9月已开展两次买断式逆回购操作，3 个月、6个月两个期限品种合计加量续作3000亿元，加量规模与上月持平，为连续4个月保持这一操 作力度。 加力中期流动性投放 9月下旬，市场面临较大到期资金压力。 9月22日至26日当周，央行公开市场到期资金规模高达 21268亿元，其中逆回购到期18268亿元、MLF到期3000亿元，单周到期规模升至年内高位。 具体而言，周一至周五7天期逆回购分别到期2800亿元、2870亿元、4185亿元、4870亿元、3543亿 元，叠加 ...

东方金诚首席宏观分析师王青认为，央行持续注入中期流动性，释放数量型货币政策工具持续加力的政 策信号，显示货币政策延续支持性立场，有助于政府债券顺利发行，同时更好满足企业和居民的信贷融 资需求。 资讯编辑：沈一冰 021-26093395 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 由于当月有3000亿元MLF到期，这意味着MLF净投放量达3000亿元，为连续第七个月加量续作。 中国人民银行9月24日发布公告称，为保持银行体系流动性充裕，9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6000亿元中期借贷便利（MLF）操作，期限为1年期。 ...

Core Viewpoint - The People's Bank of China (PBOC) is implementing a 600 billion yuan MLF operation to maintain liquidity in the banking system, indicating a continued supportive monetary policy stance amid high levels of net liquidity injection [1][2]. Group 1: Monetary Policy Actions - On September 25, 2025, the PBOC will conduct a 600 billion yuan MLF operation with a one-year term, marking the seventh consecutive month of increased MLF net injection [1]. - In September, the total net liquidity injection reached 600 billion yuan, consistent with August levels, due to 300 billion yuan in MLF maturity and an additional 300 billion yuan in reverse repos [1][2]. Group 2: Economic Context and Implications - The sustained net liquidity injection is attributed to three main factors: the peak period of government bond issuance, regulatory encouragement for financial institutions to increase credit supply, and the need to stabilize market expectations amid rising medium- to long-term interest rates [2]. - The PBOC's actions reflect a coordinated effort between monetary and fiscal policies to facilitate government bond issuance and meet credit demands from enterprises and households [1][2]. - Expectations for the fourth quarter include further implementation of quantitative monetary policy tools, potential reserve requirement ratio cuts, and continued use of reverse repos and MLF operations to ensure stable liquidity in the market [2].

Core Viewpoint - The People's Bank of China (PBOC) is implementing measures to maintain liquidity in the banking system, including a 600 billion yuan Medium-term Lending Facility (MLF) operation, reflecting a continued accommodative monetary policy stance [1][2]. Group 1: MLF Operations - On September 25, the PBOC will conduct a 600 billion yuan MLF operation with a one-year term, marking the seventh consecutive month of increased MLF issuance [1]. - The net MLF injection for September will reach 300 billion yuan, as 300 billion yuan of MLF is maturing this month [1]. - The MLF operations have transitioned to a more predictable framework, allowing financial institutions to better manage their liquidity needs [2]. Group 2: Coordination of Policies - The increase in MLF operations is seen as a means to support the smooth issuance of government bonds during a peak issuance period, demonstrating coordination between fiscal and monetary policies [2]. - The PBOC's actions are aimed at stabilizing market expectations amid rising medium to long-term market interest rates influenced by a strong stock market [2]. Group 3: Future Expectations - Analysts anticipate that the PBOC may further utilize quantitative monetary policy tools in the fourth quarter, including MLF and reverse repos, to inject liquidity into the market [2]. - There is a possibility that the PBOC may resume government bond trading operations, which could provide more flexible and effective liquidity support compared to regular reverse repos [3].

东方金诚首席宏观分析师王青认为，人民银行持续注入中期流动性，释放数量型货币政策工具持续加力 的政策信号，显示货币政策延续支持性立场，有助于政府债券顺利发行，同时更好满足企业和居民的信 贷融资需求。(鲍仁) 本报讯中国人民银行9月24日发布公告称，为保持银行体系流动性充裕，9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6000亿元中期借贷便利(MLF)操作，期限为1年期。由于当月 有3000亿元MLF到期，这意味着MLF净投放量达3000亿元，为连续第7个月加量续作。 ...

Core Viewpoint - The People's Bank of China (PBOC) announced a 600 billion MLF operation to maintain liquidity in the banking system, indicating a continued net injection of liquidity for the seventh consecutive month, aligning with market expectations [1][2]. Group 1: MLF Operations and Liquidity - The PBOC will conduct a 600 billion MLF operation on September 25, 2025, with a one-year term, using a fixed quantity and multi-price bidding method [1]. - In September, 300 billion MLF is maturing, resulting in a net injection of 300 billion MLF, maintaining a high level of net liquidity injection totaling 600 billion, consistent with the previous month [1][2]. - The continuous net injection of medium-term liquidity reflects the coordination between monetary and fiscal policies, supporting government bond issuance and meeting credit demand from enterprises and households [1][2]. Group 2: Market Conditions and Future Expectations - Recent market conditions, including rising mid-to-long-term interest rates and tightening liquidity, prompted the PBOC to increase fund injections through MLF to stabilize market expectations [2]. - The PBOC's ongoing net liquidity injection signals a supportive monetary policy stance, especially in light of declining macroeconomic indicators due to various factors [2]. - Looking ahead, there is an expectation for further monetary policy easing in the fourth quarter, including potential reserve requirement ratio cuts and the resumption of government bond trading, to ensure stable liquidity in the market [2].

Group 1 - The central bank is expected to restart government bond trading operations, which may lead to a reduction in the reserve requirement ratio (RRR) in the fourth quarter, indicating a potential increase in the use of quantity-based monetary policy tools [1][2][9] - The recent meeting between the Ministry of Finance and the People's Bank of China focused on financial market operations and government bond issuance management, highlighting the importance of stabilizing the bond market [1][2] - Analysts suggest that the central bank's decision to resume bond trading is influenced by the need to stabilize bond prices amid recent market fluctuations and to enhance the flexibility of monetary policy tools [2][4][11] Group 2 - The central bank's previous bond trading operations effectively stabilized market interest rates and maintained a reasonable yield curve, preventing market distortions [4][5] - Since January, the central bank has paused bond trading operations, leading to a significant increase in bond prices and a decline in yields, with the 10-year government bond yield dropping below 1.6% [6][10] - The tightening of the funding environment, coupled with high government bond issuance and the maturity of interbank certificates of deposit, has increased pressure on liquidity, prompting expectations for the resumption of bond trading [11]

Group 1 - The central bank is expected to continue using various monetary policy tools to maintain ample liquidity in the banking system, with a focus on medium and short-term market liquidity adjustments [1][2][3] - As of August 22, the central bank's net medium-term liquidity injection reached 600 billion yuan, double that of the previous month, indicating a strong supportive monetary policy stance despite stable macroeconomic conditions [2] - The central bank has been actively managing market volatility by announcing operation quantities and durations before conducting reverse repos and MLF operations, which helps in conveying policy signals and stabilizing market fluctuations [2][3] Group 2 - The upcoming week will see a total of 20.77 billion yuan in reverse repos maturing, along with 30 billion yuan in MLF and 90 billion yuan in buyout reverse repos, reflecting ongoing liquidity management efforts [1] - The central bank conducted a 600 billion yuan MLF operation on August 25, marking the sixth consecutive month of increased MLF operations, with a net injection of 300 billion yuan [1] - Market experts predict that the central bank will likely continue to inject medium-term liquidity through increased MLF and reverse repo operations, keeping market liquidity in a stable and slightly loose state [2]

Group 1 - The People's Bank of China (PBOC) announced a 600 billion MLF operation on August 25, with a net injection of 300 billion MLF in August, marking the sixth consecutive month of increased operations [1] - As of August 22, the PBOC also conducted a net injection of 300 billion reverse repos, leading to a total net liquidity injection of 600 billion in August, which is double that of the previous month and the largest since February 2025 [1] - The PBOC's actions reflect a coordinated effort between monetary and fiscal policies to support credit expansion and meet financing needs of enterprises and households [1] Group 2 - Recent market expectations and a strong stock market have led to rising medium- to long-term market interest rates, prompting the PBOC to increase fund injections to stabilize market expectations and maintain liquidity [3] - The PBOC's continued net injection of medium-term liquidity signals a supportive monetary policy stance, despite a stable macroeconomic environment in the first half of the year [3] - Looking ahead, the likelihood of a reserve requirement ratio cut is low, with the PBOC expected to maintain liquidity through MLF and reverse repos, suggesting a stable yet slightly loose liquidity environment in the second half of the year [3]