流动性调节

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1.1万亿元 央行10月9日开展买断式逆回购操作
Sou Hu Cai Jing· 2025-10-09 02:05
人民网北京10月9日电 (记者黄盛)记者从中国人民银行(以下简称"央行")了解到,为保持银行体系流动性 充裕,2025年10月9日,央行将以固定数量、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)。 2024年10月28日,央行宣布在公开市场操作中启用买断式逆回购工具。买断式逆回购操作对象为公开市 场业务一级交易商,原则上每月开展一次操作,期限不超过1年。公开市场买断式逆回购采用固定数 量、利率招标、多重价位中标,回购标的包括国债、地方政府债券、金融债券、公司信用类债券等。操 作结果将通过央行官网相关栏目对外披露。 东方金诚首席宏观分析师王青向记者分析,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3000亿元。此外,10月 还有5000亿元6个月期买断式逆回购到期,预计央行10月还会开展一次6个月期买断式操作,估计等量续 作的可能性比较大。"这意味着10月两个期限品种的买断式逆回购将合计延续加量续作,连续第5个月向 市场注入中期流动性。"王青表示。 王青认为,央行通过买断式 ...
人民银行操作组合式逆回购,持续净投放维稳流动性
Bei Jing Shang Bao· 2025-09-17 12:22
据北京商报记者了解,买断式逆回购与常规逆回购模式不同,买断式逆回购允许金融机构将债券所有权暂时转让给人民银行,到期后按约定价格回购,既能 满足机构对中长期资金的稳定需求,又能减少常规质押操作对债券市场流动性的扰动。 中信证券首席经济学家明明指出,长短结合的操作方式,可以兼顾短期流动性日常调节与中期资金稳定性支持,实现对市场流动性的精准调控。7天期逆回 购,期限短、灵活性高的特点,应对缴税等短期扰动日内或周内资金面的临时波动;操作6个月期限买断式逆回购,缓解政府债近期供给压力下商业银行长 期负债压力。对资金面而言,人民银行宽货币操作积极,预计流动性市场维持充裕。 从人民银行官网披露数据来看,人民银行7天期逆回购操作呈现"规模波动调整、净投放保持高位"的特点。具体来看,9月11日,人民银行开展2920亿元7天 期逆回购操作,当日有2126亿元逆回购到期,实现净投放794亿元;9月12日开展2300亿元逆回购操作,对应到期1883亿元,净投放417亿元;9月15日开展 2800亿元逆回购操作,到期1915亿元,净投放885亿元;9月16日开展2870亿元逆回购操作,到期2470亿元,实现400亿元净投放;9月17日 ...
呵护意图明显 8月以来央行加码投放中长期流动性
Zhong Guo Zheng Quan Bao· 2025-08-24 23:18
数据显示,本周(8月25日至29日)公开市场将有20770亿元逆回购到期,同时将有3000亿元中期借贷便利 (MLF)以及9000亿元买断式逆回购到期。 专家表示,8月以来,央行两次开展买断式逆回购操作,连续多次开展逆回购操作实现净投放,并开展 MLF操作,以保持银行体系流动性充裕,后续央行将继续通过多种货币政策工具,加强对市场流动性 的调节。 加量续做MLF Wind数据显示,8月25日至29日分别有2665亿元、5803亿元、6160亿元、2530亿元、3612亿元逆回购到 期。此外,本周还将有3000亿元MLF、5000亿元6个月期买断式逆回购、4000亿元3个月期买断式逆回 购到期。 为保持流动性充裕,根据央行8月22日公告,8月25日开展6000亿元MLF操作。此次操作将净投放3000 亿元,这是央行连续第六个月加量续做MLF。 8月以来,央行多次投放中长期流动性,呵护流动性意图明显。"尽管8月并非传统缴税大月,但逆回购 投放规模基本与7月税期持平。 中长期流动性方面,8月买断式逆回购、MLF净投放均为3000亿元,超7月规模。此外,不同于7月买断 式逆回购集中于月中投放、MLF投放日和到期日在同一 ...
央行将开展7000亿元买断式逆回购操作,公司债ETF(511030)实现7连涨
Sou Hu Cai Jing· 2025-08-08 01:48
Group 1: Bond Issuance by China Development Bank - China Development Bank issued a 1-year bond with a scale of 6 billion yuan and an issuance rate of 1.3618%, with a bid-to-cover ratio of 3.19 times and a marginal ratio of 3.92 times [1] - A 5-year bond was issued with a scale of 11 billion yuan and an issuance rate of 1.6253%, with a bid-to-cover ratio of 3.76 times and a marginal ratio of 1.63 times [1] - A 10-year bond was issued with a scale of 18 billion yuan and an issuance rate of 1.7467%, with a bid-to-cover ratio of 3.28 times and a marginal ratio of 1.53 times [1] Group 2: Central Bank Operations - The People's Bank of China announced a 700 billion yuan 3-month reverse repurchase operation scheduled for August 8 [1] - Industry insiders believe this operation aims to smooth out the peak of fiscal tax payments and preemptively hedge against liquidity pressure at the end of the quarter [1] - The central bank is expected to continue using various monetary policy tools to maintain liquidity and implement a moderately loose monetary policy [1] Group 3: Company Bond ETF Performance - As of August 7, 2025, the company bond ETF (511030) rose by 0.03%, marking a 7-day consecutive increase, with the latest price at 106.3 yuan [4] - The ETF has accumulated a year-to-date increase of 1.14% and has a recent trading volume of 19.94 billion yuan with a turnover rate of 8.92% [4] - The latest scale of the company bond ETF reached 22.363 billion yuan, a new high in nearly a year [4] Group 4: Fund Flows and Leverage - The fund inflow and outflow for the company bond ETF are balanced, with a total inflow of 10.6212 million yuan over the last five trading days [4] - The latest financing buy-in amount for the ETF is 2.477 million yuan, with a financing balance of 16.6183 million yuan [4] Group 5: Historical Performance and Returns - Over the past five years, the net value of the company bond ETF has increased by 13.68% [4] - The ETF's highest single-month return since inception was 1.22%, with the longest consecutive increase lasting 9 months and a maximum increase of 3.80% [4] - The annual profit percentage stands at 83.33%, with a monthly profit probability of 79.91% and a 100% probability of profit over a 3-year holding period [4] Group 6: Risk and Fee Structure - The maximum drawdown for the company bond ETF this year is 0.50%, with a relative benchmark drawdown of 0.08% [5] - The management fee rate for the ETF is 0.15%, and the custody fee rate is 0.05% [5] - The tracking error for the ETF this year is 0.013% [5]
★央行首度月初预告买断式逆回购 流动性调节机制持续优化
Shang Hai Zheng Quan Bao· 2025-07-03 01:56
Group 1 - The People's Bank of China (PBOC) announced a 1 trillion yuan reverse repo operation on June 5, breaking the previous practice of announcing such operations at the end of the month, which has attracted significant market attention [1][2] - The operation will be conducted with a fixed amount and interest rate, using a multi-price bidding method, with a term of 3 months (91 days) [1] - The total scale of reverse repos maturing in June is 1.2 trillion yuan, indicating a net withdrawal of 200 billion yuan if only the June 6 operation is considered [2] Group 2 - The PBOC's early announcement and the use of structural tools are aimed at stabilizing market expectations and enhancing the transmission of policy signals, especially in the context of high maturity of interbank certificates of deposit [2][3] - The central bank's actions are intended to maintain ample liquidity in the banking system and control fluctuations in the money market, thereby supporting credit growth to the real economy [3] - The PBOC has also established a new section on its website to disclose the operation details of various monetary policy tools, enhancing transparency and communication with the market [4] Group 3 - In May, the PBOC's net liquidity injection through various tools included a 1 trillion yuan reduction in reserve requirements and a net injection of 375 billion yuan through medium-term lending facilities (MLF) [4] - The overall long-term liquidity supply exceeded 1 trillion yuan in May, alleviating liquidity pressure from the concentrated issuance of government bonds [4] - The pressure for government bond issuance in June is expected to be lower than in May, with MLF likely to continue net injections [5]