Core Viewpoint - The Ministry of Finance and the People's Bank of China are conducting a tender for the 2025 Central Treasury Cash Management Commercial Bank Time Deposit (Phase 12) to enhance the efficiency of central treasury cash usage and strengthen the coordination between fiscal and monetary policies [1] Group 1: Tender Details - The tender will take place on November 24, 2025, from 9:50 to 10:20 AM [1] - The operation amount for this phase is set at 80 billion yuan, with a term of 21 days [1] - The interest rate will be determined through a bidding process, utilizing a multiple price bidding method [1] Group 2: Operational Guidelines - The tender will be conducted in accordance with the "Central Treasury Cash Management Commercial Bank Time Deposit Business Operation Regulations" and the "Central Treasury Cash Management Commercial Bank Time Deposit Tender Rules" [1] - The start date for the deposit is November 24, 2025, and the maturity date is December 15, 2025, with adjustments for holidays [1]

Group 1 - The core viewpoint of the article emphasizes the collaboration between the Ministry of Finance and the People's Bank of China to enhance the coordination of fiscal and monetary policies, which is crucial for supporting economic recovery in a complex market environment [1] - The joint working group has agreed to leverage its advantages to promote the stable and healthy development of China's bond market, ensuring effective implementation of fiscal and monetary policies [1] - Since the launch of the new monetary policy tool for government bond trading in August last year, the People's Bank of China has effectively enriched its monetary policy toolbox and strengthened liquidity management capabilities [1] Group 2 - The Ministry of Finance plans to complete the issuance of 1.3 trillion yuan in ultra-long special government bonds as scheduled, which will provide sufficient funding for major projects and new infrastructure initiatives [2]

Core Viewpoint - The meeting of the joint working group 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 and stability in the current complex market environment [1][5]. Group 1: Meeting Outcomes - The meeting acknowledged the achievements made since the establishment of the joint working group last year, particularly in the areas of financial market operations and government bond issuance management [1]. - Discussions included the operation of the bond market, central bank's bond trading operations, and the improvement of offshore RMB bond issuance mechanisms [1][5]. - Both parties agreed that the collaboration between fiscal and monetary policies is crucial for ensuring effective implementation and achieving desired economic outcomes [1]. Group 2: Future Directions - The next steps involve continuing to leverage the joint working group mechanism to deepen cooperation and enhance coordination between the Ministry of Finance and the People's Bank of China [1]. - There is a focus on promoting the stable and healthy development of the bond market while ensuring that fiscal and monetary policies are effectively executed [1][5].

Core Viewpoint - The article discusses the recent meeting between the Ministry of Finance and the People's Bank of China, emphasizing the importance of coordinating fiscal and monetary policies to support economic recovery and stability in the current complex market environment [1]. Group 1 - The meeting highlighted the achievements of the joint working group established last year, focusing on the collaboration between the Ministry of Finance and the People's Bank of China [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 addressing the current market challenges and promoting sustained economic recovery [1]. Group 2 - The next steps involve continuing to leverage the joint working group mechanism to deepen cooperation and enhance coordination [1]. - There is a commitment to promoting the stable and healthy development of China's bond market, ensuring that fiscal and monetary policies are effectively implemented [1].