Core Viewpoint - The People's Bank of China (PBOC) announced a fixed quantity, interest rate bidding, and multi-price bidding method for a 1.1 trillion yuan reverse repurchase operation scheduled for January 8, 2026, with a term of 90 days to maintain ample liquidity in the banking system [1]. Group 1 - The reverse repurchase operation is aimed at enhancing liquidity management and cross-period adjustment capabilities for terms within one year [3]. - The reverse repurchase tool was introduced in October 2024, allowing the PBOC to lend funds by purchasing bonds from primary dealers to inject liquidity into the market [3]. - The PBOC has conducted multiple reverse repurchase operations to date, indicating a proactive approach to liquidity management [3].

Core Viewpoint - The People's Bank of China (PBOC) announced a buyout reverse repurchase operation of 1.1 trillion yuan to maintain ample liquidity in the banking system, scheduled for January 8, 2026, with a term of 90 days [1]. Group 1 - The buyout reverse repurchase operation was introduced in October 2024 as a tool for the PBOC to lend funds by purchasing bonds from primary dealers, thereby injecting liquidity into the market [3]. - This tool enhances the liquidity management capabilities within a one-year timeframe, contributing to more refined liquidity management [3]. - The PBOC has conducted multiple buyout reverse repurchase operations to date, indicating a proactive approach to liquidity management [3].

本报讯 记者马玲报道 2025年12月30日，中国人民银行党委书记、行长潘功胜到清算总中心看望慰 问年终决算干部职工，向大家致以节日问候和新年祝福。中国人民银行党委委员、副行长陆磊陪同慰 问。 潘功胜听取了清算总中心及部分分行关于2025年度年终决算准备工作汇报，现场察看各支付清算系 统运行情况。潘功胜指出，支付清算系统是我国重要的金融基础设施，是我国金融市场运行、金融机构 运营的"血液"。支付清算系统的安全稳定运行对年终决算至关重要。 潘功胜强调，年终决算是一项系统工程，需要各单位、各部门密切配合，周密组织，严格落实各项 制度要求，做好技术和应急保障，以饱满的精神状态和扎实的工作作风，全力以赴完成好年终决算各项 任务。 中国人民银行有关司局主要负责同志参加慰问。 责任编辑：袁浩 ...

Core Viewpoint - The Federal Reserve's recent $16 billion liquidity injection into the US banking system indicates underlying stress in short-term funding markets, raising concerns about the implications for risk assets like Bitcoin [1][2]. Group 1: Federal Reserve Actions - The Federal Reserve injected $16 billion into the banking system on December 30, marking the second-largest liquidity operation since the COVID-19 crisis [1]. - The total amount of Treasury securities purchased via repos in December reached $40.32 billion, highlighting significant liquidity support [1][4]. - The December 30 operation is noted to be just behind pandemic-era emergency measures in size, suggesting a potential facade of stability [2]. Group 2: Market Implications - Financial commentator Andrew Lokenauth expressed concerns that the large injection may indicate superficial stability, with deeper issues in the financial system [2]. - Institutions are reportedly in need of cash to meet obligations related to commodities and collateral mismatches, indicating stress in the financial system [3]. - The ongoing liquidity support reflects year-end balance sheet constraints rather than an outright crisis, as banks face tighter regulatory requirements during reporting periods [4].

会议纪要明确显示，日本央行的政策利率尚未达到中性水平。一位委员指出，可以说距离中性利率水平 仍有相当距离。 在12月19日决议后的新闻发布会上，日本央行行长植田和男曾表示，难以精确确定中性利率水平——即 政策利率既不刺激也不限制经济的平衡点。日本央行的一项研究显示，中性利率位于1%至2.5%的宽泛 区间内。 日本央行12月政策会议纪要显示，多位委员认为该国实际利率仍处于极低水平，暗示未来将继续加息。 这一表态为市场判断日本货币政策正常化路径提供了新线索。 据彭博周一报道，在12月19日结束的会议上，一位委员明确指出"日本的真实政策利率远低于全球水 平"，并表示"央行调整货币宽松程度是适当的"，理由包括汇率波动对物价的影响。该会议将基准利率 上调至0.75%，创30年新高。 会议纪要还透露，一位委员建议央行在一段时间内以"几个月"为间隔调整政策，这一节奏与市场预期基 本一致。彭博调查显示，经济学家预计日本央行将在约六个月后再次加息，多数人认为本轮加息周期的 终点利率为1.25%。 日本央行前执行董事Hideo Hayakawa本月早些时候表示，日本央行可能在2027年初前将利率上调至 1.50%。 距离中性利率 ...

Last week's central bank decisions reinforced the end of the global rate-cutting trend, a view we highlighted in a prior note. On Thursday, the Bank of Japan (BOJ) raised its benchmark interest rate by 25 basis points to 0.75%, marking its highest level since 1995. ...

（来源：吴说） 吴说获悉，加拿大央行公布的 12 月理事会讨论纪要显示，理事会成员认为，尽管美国保护主义带来压 力，全球经济仍表现出一定韧性，但通胀仍面临上行风险；加拿大经济在近期数据修正后仍处于供给过 剩状态，贸易政策不确定性被视为主要风险因素，尤其是即将进行的《加美墨协定》审议可能对商业投 资和经济前景产生影响。在此背景下，继年内累计降息 100 个基点后，加拿大央行决定将政策利率维持 在 2.25%，并认为当前利率水平大体适当。 ...

Core Viewpoint - The European Central Bank (ECB) is set to allow blockchain-based transactions to settle in central bank money starting in 2026, amid ongoing discussions about privacy concerns related to the digital euro [1][2]. Group 1: Digital Euro Development - The ECB is advancing technical work on the digital euro, which will serve as a digital cash equivalent across the euro area [2][3]. - The integration of blockchain systems into the financial infrastructure is a significant step towards modernizing Europe's monetary framework [2][3]. Group 2: Transaction Settlement - Transactions on distributed ledger technology (DLT) platforms will settle directly in central bank money, eliminating the need for private intermediaries [3]. - This approach aims to prevent market fragmentation and ensure that new digital asset ecosystems utilize a risk-free public settlement asset [3]. Group 3: Infrastructure and Safeguards - The digital euro infrastructure will be designed to interact with other central bank digital currencies, facilitating cross-border payments [4]. - Safeguards, including holding limits and the absence of interest payments, will be implemented to maintain the role of commercial banks in credit creation and monetary transmission [4]. Group 4: Legal Framework and Timeline - The ECB's technical preparations are nearing completion, with a readiness phase initiated after a two-year preparation period ending in October 2025 [5]. - The ECB requires a legal framework approved by EU lawmakers to proceed, with pilot transactions expected to start in mid-2027 if legislation is adopted in 2026 [6]. Group 5: Privacy Concerns - As the timeline for the digital euro becomes clearer, discussions around privacy have intensified, with the ECB asserting it does not support a programmable digital euro that restricts user spending [7].

Core Viewpoint - An Italian parliamentary committee has approved an amendment to next year's budget, declaring that the gold reserves held by the central bank belong to "the people" [1] Group 1 - The amendment reflects a shift in the perception of national assets, emphasizing public ownership of gold reserves [1] - Lawmakers have chosen to overlook certain criticisms regarding this decision, indicating a strong political stance on the matter [1]

Core Viewpoint - Investors should closely monitor the central bank's upcoming policy decision, as it has the potential to disrupt the yen carry trade [1] Group 1 - The central bank's policy decision is anticipated to have significant implications for currency trading strategies [1] - The yen carry trade, which involves borrowing in yen to invest in higher-yielding assets, may face challenges depending on the central bank's actions [1]