央行公开市场周四逆回购操作转为净投放，加上中期借贷便利（MLF）净增千亿助力，银行间市场资金面维持稳中偏宽，DR001加权平均利率小降并运行 于1.26%下方，DR007因跨年原因上行超10bp。匿名点击（X-repo）系统上，隔夜报价在1.24%有充足供给。 海外方面，最新美国隔夜融资担保利率为3.66%。 // 债市综述 // 1. 公开市场操作 央行公告称，12月25日以固定利率、数量招标方式开展了1771亿元7天期逆回购操作，操作利率1.40%，投标量1771亿元，中标量1771亿元。Wind数据显 示，当日883亿元逆回购到期，据此计算，单日净投放888亿元。 此外，央行12月24日公告称，12月25日将开展4000亿元MLF操作，期限为1年期。鉴于当日有3000亿元MLF到期，央行12月通过MLF净投放1000亿元，这 是央行连续10个月加量操作MLF。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 （IMM） 3. 同业存单 （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 全国和主要股份制银行一年期同业存单最新成交在1.64%附近，较上日持平。 （*数据来源：Wind-同 ...

【12月央行开展4000亿MLF操作，中期流动性净投放3000亿】12月25日，中国人民银行以固定数量、 利率招标、多重价位中标方式开展4000亿元1年期MLF操作。12月有3000亿元MLF到期，此次操作后实 现净投放1000亿，为连续第10个月加量续做。此外，央行本月通过买断式逆回购净投放2000亿元。这使 得12月中期流动性净投放达3000亿元。8 - 11月每月买断式逆回购及MLF净投放规模均为6000亿元，本 月减少3000亿。分析认为，或因12月政府债券净融资规模下降，也不排除2026年一季度降准注入长期流 动性。虽然净投放规模缩减，但央行呵护流动性适度宽松取向未变。考虑跨年资金压力，不排除通过抬 升国债买入规模对冲月底流动性波动。 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 本文由 Al 算法生成,仅作参考,不涉投资建议,使用风险自担 和讯财经 FUL hexun.con 和而不同 迅达天下 扫码查看原文 ...

12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4000亿元MLF操作，期限 为1年期。Wind资讯数据显示，12月份有3000亿元MLF到期，因此中国人民银行开展4000亿元MLF操作 后，将实现净投放1000亿元，这也是中国人民银行连续第10个月加量续做MLF。此外，中国人民银行 本月还通过买断式逆回购净投放2000亿元。这意味着12月份中期流动性净投放3000亿元。根据中国人民 银行此前操作，8月份至11月份，每月买断式逆回购及MLF净投放规模均为6000亿元，而本月则减少了 3000亿元。对此，东方金诚首席宏观分析师王青认为，这或是源于12月份政府债券净融资规模较前期有 所下降；同时，不排除2026年一季度中国人民银行实施降准向市场注入较大规模长期流动性的可能。中 信证券首席经济学家明明表示，尽管净投放规模有所缩减，但中国人民银行呵护流动性适度宽松取向并 未改变。考虑到资金跨年压力临近，不排除中国人民银行通过抬升国债买入规模，对冲月底流动性季节 性波动的可能性。（证券日报） ...

"这意味着11月央行MLF净投放为1000亿元，为连续9个月加量续作，符合市场预期。考虑到本月央 行还通过买断式逆回购净投放5000亿元，这意味着11月中期流动性净投放总额达到6000亿元，与上月相 同，连续4个月处于6000亿元的年内较高水平。"东方金诚首席宏观分析师王青对《金融时报》记者表 示。 11月24日，央行发布公告称，为保持银行体系流动性充裕，11月25日，中国人民银行以固定数量、 利率招标、多重价位中标方式开展10000亿元中期借贷便利（MLF）操作，期限为1年期。 董希淼认为，在地方政府持续化债、新型政策性工具落地的情况下，预计货币政策将继续保持流动 性充裕，稳定市场信心和预期，共同助力稳增长、稳就业、稳外贸，增强政策的协同性。同时，未来政 策可能会更加注重引导金融资源更多地配置到科技创新、提振消费、绿色低碳等重点领域和薄弱环节， 增强政策的精准性。 责任编辑：杨喜亭 可以看到，在5月降准释放长期流动性10000亿元后，央行最近几个月中期流动性持续处于净投放状 态，且11月净投放规模继续处于高位。对此，王青分析认为，10月安排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， ...

2025.11. 24 本文字数：1409，阅读时长大约2.5分钟 作者 | 第一财经 杜川 11月24日，央行宣布，将于11月25日开展10000亿元中期借贷便利（MLF）操作。由于11月有 9000亿元MLF到期，这意味着11月央行MLF净投放规模为1000亿元。 考虑到11月央行还开展了5000亿元买断式逆回购净投放，这意味着11月中期流动性净投放总额达到 6000亿元，与上月相同，连续4个月处于6000亿元的年内较高水平。 微信编辑 | 雨林 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com 作为全年工作收官的关键时段，11月、12月面临政府债券发行、信贷投放收尾等多重流动性需求。 此前央行已通过恢复国债买卖等方式注入长期流动性，此次延续MLF续作与买断式逆回购搭配的操 作模式，进一步强化了市场对流动性充裕的预期。 在招联首席研究员董希淼看来，目前，央行中短期流动性的投放方式已经基本固定，即每月5日前后 开展3个月期买断 ...

11月中期流动性净投放总额达到6000亿元，与上月相同。 11月24日，央行宣布，将于11月25日开展10000亿元中期借贷便利（MLF）操作。由于11月有9000亿元 MLF到期，这意味着11月央行MLF净投放规模为1000亿元。 考虑到11月央行还开展了5000亿元买断式逆回购净投放，这意味着11月中期流动性净投放总额达到6000 亿元，与上月相同，连续4个月处于6000亿元的年内较高水平。 东方金诚首席宏观分析师王青分析，11月持续加大流动性投放主要应对三大需求：一是10月安排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月政府债券净融资规模会有明显上升；二是10月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；三是11月银行同业存单到期量也有明 显增加。以上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。 作为全年工作收官的关键时段，11月、12月面临政府债券发行、信贷投放收尾等多重流动性需求。此前 央行已通过恢复国债买卖等方式注入长期流动性，此次延续MLF续作与买 ...

Core Viewpoint - The People's Bank of China (PBOC) is implementing a series of monetary policy measures to maintain liquidity in the banking system, including a 900 billion yuan MLF operation and a net liquidity injection of 600 billion yuan in October [2][3]. Group 1: Monetary Policy Actions - On October 27, the PBOC will conduct a 900 billion yuan MLF operation with a one-year term to ensure ample liquidity in the banking system [2]. - With 700 billion yuan of MLF maturing in October, the net MLF injection for the month will reach 200 billion yuan, marking the eighth consecutive month of increased MLF operations [2]. - The total net liquidity injection for October, including 400 billion yuan of reverse repos, amounts to 600 billion yuan, maintaining a high level of net injection compared to the previous month [2]. Group 2: Economic Outlook and Future Measures - Analysts suggest that the PBOC's continued liquidity support signals a sustained accommodative monetary policy stance, especially in light of increasing external volatility and the impact of high tariffs on global trade [2]. - There is an expectation for further monetary policy tools to be employed in the fourth quarter, including potential reserve requirement ratio (RRR) cuts and the resumption of government bond transactions to stabilize economic growth and employment [2][3]. - The PBOC aims to enhance liquidity management through various tools like reverse repos and RRR cuts to meet the demands of government bond issuance and increased credit supply [3].

Economic Indicators - The weekly ECI supply index is at 50.09%, up 0.01 percentage points from last week, while the demand index remains flat at 49.89%[6] - The monthly ECI supply index for August is at 50.08%, down 0.03 percentage points from July, and the demand index is at 49.89%, also down 0.03 percentage points from July[7] - The ECI export index is at 50.20%, down 0.03 percentage points from July, indicating a slight decline in export momentum[7] Liquidity and Monetary Policy - The ELI index is at -0.70%, up 0.21 percentage points from last week, indicating continued expansion of liquidity in August[11] - The central bank plans to conduct a 600 billion CNY MLF operation on August 25, with a net liquidity injection of 3,000 billion CNY for the month, doubling the net injection from July[13] - Total mid-term and short-term liquidity net injection for August is 6,000 billion CNY, which is twice the net injection scale of July[13] Industrial and Consumer Trends - Industrial production shows marginal recovery, with the operating rate for automotive tires increasing by 1.67 percentage points for full steel tires and 1.06 percentage points for semi-steel tires[14] - Passenger vehicle retail sales for the week ending August 17 averaged 59,068 units per day, a year-on-year increase of 3,867 units, with a 2.0% increase compared to the same period last year[20] - The real estate market shows a 15.1% year-on-year decline in sales area for 30 major cities, although the decline has narrowed compared to July[7] Export Performance - High-frequency data indicates that cargo throughput at monitored ports remains high, suggesting strong resilience in exports for August[7] - South Korea's export growth for the first 20 days of August is at 7.60%, indicating a recovery compared to July[31] Inflation and Price Trends - The average wholesale price of pork is 20.12 CNY/kg, down 0.08 CNY/kg from last week, which may affect the CPI for August[37] - Brent crude oil futures settled at 66.93 USD/barrel, up 0.71 USD/barrel from the previous week, while COMEX gold futures settled at 3,385.06 USD/ounce, down 10.50 USD/ounce[37]

Market Overview - Chinese markets continued to rise, led by large financial stocks, with significant policy support for securities and insurance sectors[3] - European stocks declined as investors remained cautious about the fragile ceasefire between Israel and Iran[3] - US stocks faced resistance near record highs, with Nvidia (NVDA US) reaching a new peak, reclaiming the top market capitalization spot[3] Monetary Policy and Liquidity - The People's Bank of China announced a 300 billion CNY MLF operation to maintain liquidity, resulting in a net liquidity injection of 118 billion CNY after accounting for 182 billion CNY maturing[5] - The Fed's proposed capital regulation changes for large banks were disclosed, with Powell emphasizing the need for caution regarding interest rate cuts[5] Commodity and Forex Markets - US crude oil inventories fell for the fifth consecutive week, leading to a nearly 1% rebound in international oil prices[4][25] - International gold prices saw a slight increase, reflecting investor sentiment amid geopolitical tensions and Fed's cautious stance[4][25] Stock Performance - The Hang Seng Index rose 1.23%, marking four consecutive days of gains, driven by strong performances in the financial and insurance sectors[10] - The A-share market also saw gains, with the Shanghai Composite Index up 1.04%, reaching a new high since December 2024[14] Key Index Movements - Major US indices showed mixed results, with the Dow Jones down 0.25% to 42,982.4, while the Nasdaq rose 0.31% to 19,973.6[8] - In Europe, the DAX index fell 0.61% to 23,498.3, and the FTSE 100 dropped 0.46% to 8,718.75[8] Sector Highlights - In the Hong Kong market, the financial sector outperformed, with notable gains in brokerage stocks following regulatory support for virtual asset trading[10] - The technology sector in the US saw Nvidia leading gains, with a 4.33% increase, while Tesla's stock fell 3.79% due to declining sales in Europe[8] Bond Market Insights - US Treasury yields showed a slight increase, with the 5-year auction yield at 3.879%, slightly above pre-auction trading levels[28] - Asian bond markets remained active, with Japanese bonds showing resilience amid a broader market sell-off in the US[28]

Core Viewpoint - CITIC Securities expects that conventional liquidity tools such as MLF and reverse repos will maintain net injection of liquidity [1] Group 1: MLF and Reverse Repo - In June 2025, MLF is projected to maintain an excess rollover with a net injection of 118 billion yuan [1] - Both MLF and reverse repos achieved net liquidity injection, providing long-term liquidity supply [1] - There is a possibility of a decline in MLF bidding rates due to the downward trend in the central rate of time deposits [1] Group 2: Liquidity Outlook - The observation period for total tools indicates a sustained demand for ample liquidity [1] - It is anticipated that MLF and reverse repos will continue to maintain net liquidity injection under the current conditions [1]