9月3日，财政部与中国人民银行联合工作组召开第二次组长会议，聚焦"财政政策与货币政策协同 发力"议题，会议充分肯定了去年联合工作组成立以来部、行协同配合取得的成效，并就金融市场运 行、政府债券发行管理、央行国债买卖操作和完善离岸人民币国债发行机制等议题进行了深入研讨。 这次会议也让市场对部、行协同配合更加期待。如果把宏观经济治理比作一艘航行的巨轮，财政政 策与货币政策便是驱动前行的"双引擎"。北京大学经济学院长聘副教授刘冲表示，党的十八大以来，我 国经济已由高速增长阶段转向高质量发展阶段。面对经济发展新特征，传统政策模式已难以应对复杂多 变的经济形势，财政政策与货币政策协同配合成为破解经济转型之困、应对外部冲击之险、满足民生保 障之需的重要抓手。经济结构转型呼唤财政政策与货币政策协同发力。 在业内专家看来，今年以来，货币政策、财政政策这对"搭档"深度联动、同频共振，在政府债券发 行、消费提振等赛道上跑出了协同"加速度"，为经济企稳回升注入强劲动能。 适度宽松的货币政策与政府债券发行的加力提速形成良性互动 从债券市场到消费终端，从信贷投向到小微服务，财政政策与货币政策的协同效应正像一张细密的 网络，渗透到经济运 ...

Core Viewpoint - The People's Bank of China (PBOC) will conduct a 10 trillion yuan buyout reverse repurchase operation to maintain ample liquidity in the banking system, with a term of 3 months (91 days) starting from September 5, 2025 [1][6]. Group 1: Monetary Policy Actions - The buyout reverse repurchase tool was officially launched in October 2024, allowing the central bank to inject liquidity into the market by borrowing funds from primary dealers through the purchase of specific bonds [6]. - The PBOC's decision to inject 10 trillion yuan is aimed at stabilizing market expectations and ensuring sufficient liquidity, especially during a peak period for government bond issuance and a high volume of bank interbank certificates maturing [6][9]. - Analysts predict that the PBOC may implement a reserve requirement ratio (RRR) cut in the fourth quarter to further support liquidity and credit growth [7]. Group 2: Market Conditions and Implications - As of early September 2025, the PBOC has conducted multiple buyout reverse repurchase operations, indicating a proactive approach to liquidity management [6]. - The anticipated liquidity gap in September is expected to narrow compared to August, with limited disturbances from government bond supply, suggesting a supportive monetary policy stance [6][9]. - The PBOC is likely to continue using both MLF (Medium-term Lending Facility) and buyout reverse repurchase tools to inject medium-term liquidity into the market [9]. Group 3: Coordination of Policies - A recent meeting between the Ministry of Finance and the PBOC emphasized the importance of coordinating fiscal and monetary policies to address the current complex market environment and support economic recovery [9]. - The joint working group established between the two entities has been recognized for its effectiveness in promoting the smooth operation of the bond market and ensuring the implementation of fiscal and monetary policies [9].

Group 1 - The meeting held by the joint working group of the Ministry of Finance and the People's Bank of China emphasized the importance of coordinating fiscal and monetary policies to support economic recovery [1] - The meeting acknowledged the achievements made since the establishment of the joint working group last year, particularly in financial market operations and government bond issuance management [1] - Both parties agreed that the collaboration between fiscal and monetary policies provides strong support for addressing the current complex market environment and promoting sustained economic improvement [1] Group 2 - The next steps include continuing to leverage the joint working group mechanism to deepen cooperation and enhance coordination [1] - There is a focus on ensuring the stable and healthy development of China's bond market while effectively implementing fiscal and monetary policies [1]

Group 1 - The meeting between the Ministry of Finance and the People's Bank of China emphasized the importance of coordinating fiscal and monetary policies to support economic recovery [1] - The joint working group has achieved significant results since its establishment last year, highlighting effective collaboration between the two entities [1] - Discussions included topics such as financial market operations, government bond issuance management, central bank treasury operations, and improving the offshore RMB bond issuance mechanism [1] Group 2 - Both parties agreed that the synergy between fiscal and monetary policies provides strong support for navigating the current complex market environment and promoting sustained economic growth [1] - The next steps involve continuing to leverage the joint working group mechanism to deepen cooperation and enhance coordination [1] - There is a commitment to ensure the stable and healthy development of China's bond market while effectively implementing fiscal and monetary policies [1]

Group 1 - The meeting between the Ministry of Finance and the People's Bank of China aimed to enhance the coordination between fiscal and monetary policies to support economic recovery [2] - The joint working group has achieved significant results since its establishment last year, emphasizing the importance of collaboration in addressing the current complex market environment [2] - Future efforts will focus on maintaining the stability and health of China's bond market through continued cooperation and coordination between the Ministry and the Bank [2] Group 2 - Key discussion topics included the operation of financial markets, management of government bond issuance, central bank operations in government bonds, and the improvement of offshore RMB bond issuance mechanisms [2] - Both parties recognized that the synergy between fiscal and monetary policies provides strong support for economic recovery [2] - The meeting highlighted the importance of the joint working group mechanism in ensuring effective implementation of fiscal and monetary policies [2]

Group 1 - The core viewpoint of the article emphasizes the importance of coordinating fiscal and monetary policies to support economic recovery in a complex market environment [1] - The meeting highlighted the achievements of the joint working group established last year, focusing on financial market operations, government bond issuance management, and the central bank's operations in national debt [1] - Both the Ministry of Finance and the People's Bank of China agreed on the necessity of continued collaboration to ensure the effective implementation of fiscal and monetary policies, aiming for a stable and healthy development of the bond market [1]

Core Viewpoint - The Ministry of Finance and the People's Bank of China held the second leadership meeting of their joint working group to enhance coordination between fiscal and monetary policies, aiming to support economic recovery in a complex market environment [1]. Group 1: Meeting Outcomes - The meeting acknowledged the achievements made since the establishment of the joint working group last year, emphasizing the importance of collaboration between the Ministry and the Bank [1]. - Key topics discussed included the operation of financial markets, management of government bond issuance, central bank operations in government bonds, and the improvement of offshore RMB government bond issuance mechanisms [1]. - Both parties agreed that the coordinated efforts of fiscal and monetary policies provide strong support for economic recovery [1]. Group 2: Future Directions - The next steps involve continuing to leverage the joint working group mechanism to deepen cooperation and enhance coordination [1]. - There is a focus on promoting the stable and healthy development of China's bond market and ensuring effective implementation of fiscal and monetary policies [1].