Core Viewpoint - The Ministry of Finance announced the successful completion of the second phase of central treasury cash management time deposit bidding operation for commercial banks on February 10, 2026, indicating a stable liquidity management strategy [1] Group 1: Bidding Operation Details - The first phase of time deposits had a term of one month, with a planned deposit amount of 150 billion yuan, which was fully subscribed at 150 billion yuan [1] - The deposit start date is February 10, 2026, and the maturity date is March 10, 2026 [1] - The bidding adopted a single price method, with the bidding subject being the interest rate [1] Group 2: Participation and Results - A total of 35 qualified commercial banks participated in the bidding process [1] - Out of these, 19 banks were successful in winning the bids [1] - The winning bid interest rate was set at 1.73% [1]

2026年第2期中央国库现金管理商业 银行定期存款招投标操作已于2月10日上午9:00-9:30顺利完成。第1 期定期存款期限1个月，计划存款量1500亿元，实际中标量1500亿元，存款起息日为2026年2月10日，到 期日为2026年3月10日，采用单一价格招标，招标标的为利率，具备投标资格的商业银行中有35家参与 投标，19家银行中标，中标利率为1.73%。 ...

Core Viewpoint - The Ministry of Finance and the People's Bank of China are conducting a tender for the Central Treasury Cash Management Commercial Bank Time Deposit (Phase II) to enhance the efficiency of cash usage and improve coordination between fiscal and monetary policies [1] Group 1: Tender Details - The tender will take place on February 10, 2026, from 9:00 to 9:30 AM [1] - The operation amount for this phase is set at 150 billion yuan, with a term of 1 month (28 days) [1] - The interest rate will be determined through a bidding process, and the tender will be open to participating banks in the Central Treasury Cash Management [1] Group 2: Operational Guidelines - The tender will follow the operational regulations and bidding rules established for the Central Treasury Cash Management Commercial Bank Time Deposit [1] - Relevant procedures will be executed in accordance with the specified operational guidelines and regulations [1]

Core Viewpoint - The Ministry of Finance and the People's Bank of China are conducting a tender for the Central Treasury Cash Management Commercial Bank Time Deposit (Phase II) to enhance the efficiency of cash usage and strengthen the coordination between fiscal and monetary policies [1][2]. Group 1 - The tender is scheduled for February 10, 2026, from 9:00 to 9:30 AM [1][2]. - The operation amount for this phase is set at 150 billion yuan, with a term of 1 month (28 days) [1][2]. - The interest rate will be determined through a bidding process, using a single price method for participating banks [1][2]. Group 2 - The start date for the deposit is February 10, 2026, and the maturity date is March 10, 2026, with adjustments for holidays [1][2]. - The tender process will adhere to the operational regulations and bidding rules established for the Central Treasury Cash Management Commercial Bank Time Deposit [1][2].

Group 1 - The Ministry of Finance announced the successful completion of the first phase of central treasury cash management time deposits for commercial banks on January 28, 2026 [1] - The term for the first phase time deposit is one month, with a planned deposit amount of 150 billion yuan and an actual bid amount of 150 billion yuan [1] - The interest rate for the winning bids was set at 1.73%, with 40 commercial banks participating in the bidding process and 19 banks winning [1]

1月28日金融一线消息，财政部、中国人民银行于2026年1月28日以利率招标、单一价位中标方式进行了 2026年中央国库现金管理商业银行定期存款（一期）招投标。中标总量1500亿元，中标利率1.73%。 责任编辑：秦艺 1月28日金融一线消息，财政部、中国人民银行于2026年1月28日以利率招标、单一价位中标方式进行了 2026年中央国库现金管理商业银行定期存款（一期）招投标。中标总量1500亿元，中标利率1.73%。 责任编辑：秦艺 ...

为提高中央国库现金使用效益，加强财政政策与货币政策的协调配合，财政部、中国人民 银行定于 2026年1月28日上午9:00至9:30，通过中国人民银行中央国库现金管理商业银行定期存款业务系统进行 2026年中央国库现金管理商业银行定期存款（一期）招投标。本期操作量1500亿元，期限1个月（28 天），起息日为2026年1月28日，到期日为2026年2月25日（遇节假日顺延），以利率招标、单一价位中 标方式面向中央国库现金管理商业银行定期存款业务参与银行进行招投标。 ...

Core Viewpoint - The People's Bank of China conducted a 593 billion yuan reverse repurchase operation with a rate of 1.40%, maintaining the previous level, resulting in a net withdrawal of 760 billion yuan from the open market due to 1,353 billion yuan of reverse repos maturing on the same day [1]. Group 1: Market Rates - The overnight Shanghai Interbank Offered Rate (Shibor) remained unchanged at 1.2720%, while the 7-day Shibor decreased by 1.80 basis points to 1.3990%, and the 14-day Shibor fell by 3.90 basis points to 1.5770% [1][2]. - In the interbank pledged repo market, most rates saw slight declines, with the DR001 and R001 weighted average rates decreasing by 0.1 basis points and remaining stable at 1.2691% and 1.3542%, respectively [4]. - The DR007 and R007 weighted average rates fell by 2.3 basis points and 0.4 basis points, settling at 1.4105% and 1.5028%, respectively [4]. Group 2: Funding Conditions - The overall funding environment on December 23 was balanced and slightly loose, with overnight rates for deposits ranging from 1.46% to 1.48% and 7-day rates around 1.50% [9]. - A total of 86 interbank certificates of deposit were issued, with an actual issuance volume of 951.6 billion yuan, indicating active trading in the secondary market [10]. - The yield on 1-month government bonds closed at 1.62%, up by 0.5 basis points from the previous trading day, while the 3-month and 6-month government bonds remained stable [10]. Group 3: Upcoming Events - The Ministry of Finance and the People's Bank of China are scheduled to conduct a tender for 600 billion yuan of central treasury cash management deposits on December 26, with a maturity of 14 days [12]. - Hangzhou Bank announced plans to issue up to 400 billion yuan of non-capital supplementary financial bonds, with a maturity of no more than 10 years [12].

Group 1 - The Ministry of Finance and the People's Bank of China will conduct a tender for the 13th phase of central treasury cash management commercial bank time deposits on December 26, 2025, with an operation volume of 150 billion yuan and a term of 1 month (28 days) [1] - The interest rate bidding will be conducted using a single price method for participating banks in the central treasury cash management commercial bank time deposit business [1] - The 14th phase of the same tender will also take place on December 26, 2025, with an operation volume of 60 billion yuan and a term of 14 days [1] Group 2 - The start date for the 13th phase deposits is December 26, 2025, and the maturity date is January 23, 2026, with adjustments for holidays [1] - The 14th phase deposits will start on the same date, December 26, 2025, and will mature on January 9, 2026, also with holiday adjustments [1] - The 14th phase will utilize a multi-price bidding method for the interest rate [1]

Core Viewpoint - The recent auction of the 2025 Central Treasury Cash Management time deposits indicates a slight decrease in the bidding interest rate, reflecting a reasonable liquidity level in the banking system [1][6]. Group 1: Auction Details - The auction held on November 24 resulted in a total bid amount of 120 billion yuan with a bidding interest rate of 1.73%, down from 1.76% in the previous auction, marking a decrease of 3 basis points [1][4]. - The term for this deposit is set at one month, with the interest rate showing a downward trend over the last six auctions [6]. Group 2: Market Implications - The decline in the treasury cash deposit interest rate suggests a reduced demand for these funds by commercial banks, indicating that the banking system is not facing significant liquidity shortages [6][8]. - In contrast, the interbank market rates, such as the Shanghai Interbank Offered Rate (SHIBOR), have shown a slight increase, indicating differing pricing logic between treasury deposits and interbank borrowing [7]. Group 3: Central Bank Actions - The People's Bank of China has been actively injecting liquidity into the market, conducting a net injection of 55.7 billion yuan through a 7-day reverse repurchase operation on November 24, following several days of similar operations [7]. - The central bank plans to conduct a 10 billion yuan Medium-term Lending Facility (MLF) operation on November 25, aiming to maintain a multi-layered liquidity adjustment system [7]. Group 4: Future Outlook - The downward trend in the one-month treasury cash deposit interest rate is expected to help lower short-term funding costs for commercial banks, although the scale of this operation is limited and primarily serves as a signal [8]. - The overall monetary policy stance of the People's Bank of China is expected to remain stable, with a clear intention to counter seasonal liquidity pressures as the year-end approaches [8].