图片来源：央行网站截图 (责任编辑：王晨曦) | 逆回购操作情况 | | | | | --- | --- | --- | --- | | 期限 | 操作利率 | 投标量 | 中标量 | | 전 | 1.40% | 2884亿元 | 2884亿元 | | 中国人民银行公开市场业务操作室 | | | | | 二〇二五年八月二十五日 | | | | 据央行网站消息，2025年8月25日中国人民银行以固定利率、数量招标方式开展了2884亿元逆回购操 作。具体情况如下： ...

人民财讯8月25日电，央行公开市场今日开展2884亿元7天期逆回购操作，操作利率持平于1.40%。 ...

中国央行：为保持银行体系流动性充裕，2025年8月15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5000亿元买断式逆回购操作，期限为6个月（182天）。 https://t.co/olwSACZPzk外汇交易员 (@myfxtrader):8月8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7000亿元买断式逆回购操作，期限为3个月（91天）。 ...

人民财讯8月14日电，央行公开市场开展1287亿元7天期逆回购操作，操作利率持平于1.40%。今日1607 亿元逆回购到期。 ...

Core Viewpoint - The People's Bank of China conducted a reverse repurchase operation amounting to 118.5 billion yuan on August 13, 2025, at a fixed interest rate and through a quantity tendering method [1][2]. Group 1: Operation Details - The operation involved a 7-day term with an interest rate of 1.409% [2]. - The total bidding amount matched the winning amount, both being 118.5 billion yuan [2].

Core Viewpoint - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 112 billion yuan at an interest rate of 1.40%, maintaining the previous rate, while net liquidity was withdrawn by 432.8 billion yuan due to the maturity of 544.8 billion yuan in reverse repos [1][3]. Summary by Relevant Sections - **Operation Details** - The operation involved a total bid amount of 112 billion yuan, with the same amount being awarded [3]. - The interest rate for the 7-day reverse repurchase operation remained unchanged at 1.40% [1][3]. - **Liquidity Impact** - A total of 544.8 billion yuan in 7-day reverse repos matured today, leading to a net withdrawal of 432.8 billion yuan from the market [1].

Group 1 - The central bank conducted a reverse repurchase operation of 122 billion yuan for a 7-day term on August 8, 2025, with an operation interest rate of 1.40% [1]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - On August 7, the yields of treasury bond cash bonds strengthened collectively, and treasury bond futures also strengthened. The central bank continued to conduct net withdrawals, and the weighted average rate of DR007 fluctuated around 1.45%. Domestically, the manufacturing and non - manufacturing PMIs declined in July, but the overall production and business activities remained stable, and export growth continued to pick up. Overseas, the US labor market showed weakness, increasing market expectations of a Fed rate cut in September. The overall policy tone of the July Politburo meeting was positive, and the bond market stabilized and rebounded. It is recommended to seize the band - up market and lightly allocate long positions [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Closing Prices and Volumes**: The closing prices of T, TF, TS, and TL futures all showed slight increases, with T at 108.615 (+0.05%), TF at 105.830 (+0.05%), TS at 102.374 (0%), and TL at 119.380 (+0.03%). T's trading volume decreased by 2,677, while TF, TS, and TL increased by 996, 1,664, and 6,350 respectively [2]. - **Price Spreads**: Some price spreads changed, such as TL2512 - 2509 (-0.34, -0.02↓), T2512 - 2509 (-0.13, +0.01↑) [2]. - **Open Interest**: The open interest of T, TF, TS, and TL all decreased, with T at 168,650 (-2,279), TF at 116,886 (-4,939), TS at 83,781 (-2,699), and TL at 96,898 (-3,924) [2]. 3.2 CTD Bonds - The net prices of some CTD bonds increased, such as 220010.IB (6y) at 107.2157 (+0.0637), 250007.IB (6y) at 99.0955 (+0.0373), while 210005.IB (17y) decreased to 134.8686 (-0.0028) [2]. 3.3 Treasury Bond Active Bonds - The yields of 1 - year active bonds increased by 0.25bp to 1.3525%, while the yields of 3 - year, 5 - year, 7 - year, and 10 - year bonds decreased by 1.00bp, 1.40bp, 0.70bp, and 0.70bp respectively [2]. 3.4 Short - term Interest Rates - The silver - pledged overnight rate increased by 3.12bp to 1.3312%, while the Shibor overnight rate decreased by 0.10bp to 1.3150%. The silver - pledged 7 - day and Shibor 7 - day rates decreased by 0.89bp and 0.80bp respectively [2]. 3.5 LPR Rates - The 1 - year and 5 - year LPR rates remained unchanged at 3.00% and 3.5% respectively [2]. 3.6 Open Market Operations - The issuance scale of reverse repurchase was 160.7 billion yuan, the maturity scale was 283.2 billion yuan, and the interest rate was 1.4% for 7 days, with a net withdrawal of 122.5 billion yuan [2]. 3.7 Industry News - The Ministry of Finance will exempt kindergarten tuition fees starting from the senior class to ensure policy sustainability. Seven ministries including the Ministry of Industry and Information Technology issued an implementation opinion on promoting the innovation and development of the brain - computer interface industry. From January to July, China's total import and export value was 25.7 trillion yuan, a year - on - year increase of 3.5% [2]. 3.8 Key Events to Watch - On August 7 at 19:00, the Bank of England will announce its interest rate decision, meeting minutes, and monetary policy report. On August 8 at 07:50, the Bank of Japan will release the summary of opinions of the members of the Monetary Policy Meeting in July [3].

Group 1 - The People's Bank of China conducted a reverse repurchase operation amounting to 138.5 billion yuan on August 6, 2025 [1] - The operation was executed at a fixed interest rate of 1.40% for a 7-day term [1] - The total bidding amount matched the amount awarded, indicating strong demand in the market [1]

Group 1 - The People's Bank of China conducted a reverse repurchase operation amounting to 160.7 billion yuan on August 5, 2025, using a fixed rate and quantity tender method [1] - The operation had a term of 7 days with an interest rate of 1.40% [1] - The total bidding amount matched the awarded amount, both being 160.7 billion yuan [1]