中国人民银行（以下或称"央行"）将开展6000亿元中期借贷便利MLF操作。 据央行网站消息，为保持银行体系流动性充裕，2025年8月25日（周一），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MLF 操作，期限为1年期。 中期借贷便利，也就是MLF，是央行提供中期基础货币的货币政策工具，对象为符合宏观审慎管理要求的商业银行、政策性银行，可通过招标方式开 展。中期借贷便利采取质押方式发放，金融机构提供国债、央行票据、政策性金融债、高等级信用债等优质债券作为合格质押品。中期借贷便利利率通过 调节向金融机构中期融资的成本来对金融机构的资产负债表和市场预期产生影响，引导其向实体经济部门提供低成本资金，促进降低社会融资成本。 考虑到本月有3000亿元MLF到期，这意味着8月MLF净投放达到3000亿元，为连续第六个月加量续作，符合市场预期。 | | | | 中国人民银行 THE PEOPLE'S BANK OF CHINA | | 货币政策司 Monetary Policy Department | | | | | | | --- | --- | --- | --- | --- | --- | ...

● 本报记者 彭扬 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。（下转A02版） （上接A01版）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 ...

中国人民银行（以下或称"央行"）将开展6000亿元中期借贷便利MLF操作。 据央行网站消息，为保持银行体系流动性充裕，2025年8月25日（周一），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MLF 操作，期限为1年期。 | | | 中国人民银行 THE PEOPLE'S BANK OF CHINA | | | 货币政策司 Monetary Policy Department | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 信息公开 | 新闻发布 | 法律法规 | 货币政策 | 宏观审慎 | 信贷政策 | 金融市场 | 金融稳定 | 调查统计 | 银行会计 | 支付体系 | | | 金融科技 | 人民币 | 经理国库 | 国际交往 | 人员招录 | 学术交流 | 征信管理 | 反洗钱 | 党建工作 | | | 服务互动 | 政务公开 | 政策解读 | 公告信息 | 图文直播 | 央行研究 | 音频视频 | 市场动态 | 网上展厅 | 报告下载 | 报刊年鉴 | | | 网 ...

Core Viewpoint - The liquidity in the market for August is expected to remain stable and not continue the tightening process that began in late July, with the sustainability of rising market interest rates needing further observation [1][2]. Group 1: Market Liquidity - The People's Bank of China (PBOC) announced a 700 billion yuan reverse repurchase operation on August 8, with a term of 3 months (91 days), to maintain ample liquidity in the banking system [1]. - There are 4 trillion yuan of 3-month and 5 trillion yuan of 6-month reverse repos maturing in August, indicating that the PBOC may conduct another operation for the 6-month term within the month [1][2]. - An additional 300 billion yuan of Medium-term Lending Facility (MLF) is also expected to be rolled over, suggesting a proactive approach to liquidity management [1]. Group 2: Government Bonds and Monetary Policy - The central political bureau meeting on July 30 emphasized accelerating government bond issuance, which is expected to peak in August [1][2]. - The PBOC is likely to continue using MLF and reverse repos to inject medium-term liquidity, supporting the ongoing government bond issuance and reinforcing the signal for a quantitative monetary policy approach [2]. - The manufacturing PMI index fell back into contraction territory in July, indicating potential economic challenges, which may lead to further interest rate cuts in the fourth quarter [2].

Group 1 - The People's Bank of China (PBOC) announced a 300 billion MLF operation to maintain liquidity in the banking system, with a net injection of 118 billion due to 182 billion MLF maturing this month [1] - In June, the PBOC conducted a total of 1.4 trillion reverse repos to offset 1.2 trillion maturing reverse repos, resulting in a total net liquidity injection of 318 billion [1] - Analysts suggest that the continuous net liquidity injection is driven by large-scale government bond issuance and high maturing interbank certificates of deposit, aiming to stabilize market expectations and meet financing needs [1] Group 2 - The reliance on MLF and reverse repos has increased due to the suspension of government bond purchases, with expectations for the PBOC to restart bond buying as liquidity consumption rises [2] - As the end of the quarter approaches, interbank funding rates have increased, with R007 rising by 25.9 basis points to 1.82% and DR007 by 16.1 basis points to 1.67% [2] - The PBOC is expected to use various tools, including MLF and reverse repos, to maintain a net liquidity injection in the second half of the year, while also potentially resuming government bond transactions [2]

Core Viewpoint - The People's Bank of China (PBOC) is implementing measures to maintain ample liquidity in the banking system, including a 300 billion MLF operation and a net injection of 1180 billion due to maturing MLFs [1][2]. Group 1: Monetary Policy Actions - The PBOC will conduct a 300 billion MLF operation on June 25, 2025, with a one-year term, resulting in a net injection of 1180 billion after 1820 billion MLF matures in June [1]. - In June, the PBOC has increased mid-term liquidity injections, conducting a total of 14,000 billion reverse repos on June 6 and June 16 [2]. - The total net injection of mid-term liquidity in June has exceeded 3000 billion, indicating a proactive approach to maintaining liquidity [2]. Group 2: Market Stability and Expectations - Maintaining ample liquidity helps prevent abnormal fluctuations in the funding environment and stabilizes market expectations, which is crucial given the large-scale issuance of government bonds and the maturity of interbank certificates of deposit [2]. - The PBOC's actions signal a continued commitment to using quantitative monetary policy tools to meet the financing needs of enterprises and households [2]. Group 3: Future Outlook - Experts anticipate that the PBOC will continue to exceed the renewal of maturing MLFs and utilize various monetary policy tools to keep liquidity abundant in the second half of the year [4]. - There is a possibility of the PBOC adopting measures such as reserve requirement ratio cuts to provide liquidity support, especially with the expected acceleration of government bond issuance in the third quarter [4]. - Discussions are ongoing regarding the potential resumption of government bond purchases by the PBOC, which is seen as a key tool for liquidity injection and reducing the cost of liabilities in the banking and financial system [4][5].

Core Viewpoint - The Central Bank of Turkey announced that all monetary policy tools will be effectively utilized to address economic challenges [1] Group 1 - The Central Bank emphasizes the importance of utilizing all available monetary policy instruments to stabilize the economy [1] - This statement indicates a proactive approach to managing inflation and economic growth [1] - The announcement reflects the Central Bank's commitment to maintaining financial stability in Turkey [1]

Core Viewpoint - The People's Bank of China, Chongqing Branch, has launched a "Five Hundred Billion" monetary policy support plan to enhance the high-quality development of Chongqing's economy, focusing on five key areas: technology innovation, green projects, consumption, foreign trade, and private economy [1][2]. Group 1: Funding Structure - A total of 100 billion yuan (approximately 1000 million) low-cost funds will be integrated into a dual-support system of "special quotas + policy tilt quotas" [2]. - The plan allocates 85 billion yuan (approximately 850 million) from the PBOC's direct management for targeted support in technology innovation and green sectors [2]. - An additional 15 billion yuan (approximately 150 million) will be guided from national banks to enhance funding collaboration [2]. Group 2: Specialized Tools - The "Yukexin" tool focuses on high-tech enterprises and specialized small and medium-sized enterprises, providing low-cost credit to establish a technology foundation for Chongqing [3]. - The "Yugreen" tool supports green projects and activities, promoting the establishment of a national-level green finance reform and innovation pilot zone [3]. - The "Yuxiao" tool targets the consumption chain, particularly in sectors like hospitality and education, to stimulate consumption in the international consumer center [3]. - The "Yutong" tool aids enterprises affected by tariffs and supports the new land-sea corridor industry chain [3]. - The "Yumin" tool provides financial support to private enterprises and small businesses, addressing financing difficulties in the private economy [3]. Group 3: Implementation Measures - The PBOC Chongqing Branch has introduced a combination of measures to ensure effective policy implementation, including optimizing financial services and establishing a collaborative mechanism with fiscal and industry departments [4]. - Financial institutions are encouraged to diversify their products to meet the financing needs of the five key areas [4]. - A dynamic enterprise "whitelist" will be maintained to guide the banking sector in funding allocation [4]. Group 4: Monitoring and Management - The entire process from application to monitoring will be managed closely, with financial institutions required to submit business applications regularly [5]. - The approval process emphasizes quick responses and prioritization of special quotas to ensure immediate access to funds [5]. - Monitoring will be conducted through specialized reports and system statistics to ensure the accuracy and compliance of fund usage [5].

Core Viewpoint - The Governor of the Bank of Japan, Kazuo Ueda, stated that he does not want to rule out any monetary policy tools, including the potential reimplementation of yield curve control [1] Group 1 - The Bank of Japan is considering various monetary policy options in response to economic conditions [1] - The statement reflects the central bank's flexibility in managing monetary policy tools [1]

Core Viewpoint - The People's Bank of China (PBOC) announced a significant 1 trillion yuan buyout reverse repurchase operation to maintain liquidity in the banking system, breaking the previous convention of announcing such operations at the end of the month [1][2]. Group 1: Announcement Details - The PBOC's announcement on June 5 marks the first public tender for a buyout reverse repurchase operation, indicating a proactive approach to liquidity management [2]. - The operation involves a fixed amount and interest rate bidding, with a term of 3 months (91 days), differing from the traditional end-of-month announcements [1][2]. Group 2: Market Implications - Analysts suggest that the early announcement is likely aimed at stabilizing market expectations and ensuring sufficient liquidity, especially given the high volume of bank interbank certificates maturing in the coming months [2]. - The early disclosure of the operation amount is seen as a positive signal for market confidence, particularly as June is a month with increased liquidity demands due to half-year-end pressures [2]. Group 3: Comparison with Other Tools - The newly introduced buyout reverse repurchase tool shares similarities with the Medium-term Lending Facility (MLF) in terms of bidding methods and operational frequency, but it is designed for short-term liquidity management [2]. - Future operations may follow a similar pattern to MLF in terms of advance notice, but the specific characteristics of open market operations may lead to different practices [2].