新华财经北京12月23日电 人民银行23日开展593亿元7天期逆回购操作，操作利率为1.40%，与此前持平；鉴于当日有1353亿元逆回购到 期，公开市场实现净回笼760亿元。 上海银行间同业拆放利率（Shibor）隔夜品种持平，7天和14天品种下跌。具体来看，隔夜Shibor持平于1.2720%；7天Shibor下跌 1.80BP，报1.3990%；14天Shibor下跌3.90BP，报1.5770%。 | | | | 2025-12-23 11:00 | | --- | --- | --- | --- | | | 期限 | Shibor(%) | 涨跌(BP) | | t | O/N | 1.2720 | 0.00 | | t | 1W | 1.3990 | 1.80 | | ↑ | 2W | 1.5770 | 3.90 | | や | 1M | 1.5670 | 0.80 | | ↑ | 3M | 1.6000 | 0.10 | | ゃ | 6M | 1.6300 | 0.10 | | � | 9M | 1.6400 | 0.00 | | t | 1Y | 1.6500 | 0.00 | 上海银行间同业拆 ...

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2025 年12月26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2025 年中央国库现金管理商业银行定期存款（十三期）招投标。本期操作量1500亿元，期限1个月（28 天），起息日为2025年12月26日，到期日为2026年1月23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。 财政部、中国人民银行定于2025年12月26日上午9:50至10:20，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2025年中央国库现金管理商业银行定期存款（十四期）招投标。本期操作 量600亿元，期限14天，起息日为2025年12月26日，到期日为2026年1月9日（遇节假日顺延），以利率 招标、多重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 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].

Core Viewpoint - The recent results of the central treasury cash management deposit bidding indicate a decrease in the bidding rates, reflecting a stable market liquidity and the government's strategy to manage surplus funds effectively [1][2]. Group 1: Bidding Results - On November 24, 2025, the central bank announced the results of the 11th and 12th rounds of treasury cash management deposit bidding, with a total of 120 billion yuan for the 1-month deposit at a rate of 1.73%, down 3 basis points from the previous round [1]. - The 12th round involved a total of 80 billion yuan for a 21-day deposit, also initiated on November 24, 2025 [1]. Group 2: Market Implications - The decrease in bidding rates suggests that the treasury funds are relatively abundant, allowing for the return of temporarily unallocated funds to the banking system [2]. - The bidding rates serve as an indicator of the interbank liquidity conditions, with a slight decline in rates potentially aiding in reducing banks' net interest margins [2]. Group 3: Regulatory Framework - In October 2025, the Ministry of Finance and the People's Bank of China issued new rules to optimize the treasury cash management deposit bidding process, enhancing the coordination between fiscal and monetary policies [2]. - The rules specify that the central treasury cash management deposits are to be placed in commercial banks, which must pledge sufficient collateral to receive deposits and pay interest to the Ministry of Finance [2]. Group 4: Bidding Mechanism - The bidding process for deposits longer than 1 month uses a single price bidding method, while deposits shorter than 1 month employ a multiple price bidding method [3]. - The results for longer-term deposits disclose the bid amounts, terms, and rates, whereas shorter-term results only reveal the bid amounts and terms without disclosing individual bank rates [3].

Core Viewpoint - The recent auction results for the Central Treasury Cash Management Commercial Bank Time Deposits indicate a trend of declining interest rates, reflecting a stable market liquidity environment [7][9]. Group 1: Auction Results - The 11th auction resulted in a total bid amount of 120 billion yuan, with a maturity of 1 month, starting from November 24, 2025, and maturing on December 22, 2025, at an interest rate of 1.73%, which is a decrease of 3 basis points from the previous auction [3][7]. - The 12th auction had a total bid amount of 80 billion yuan, with a maturity of 21 days, starting from November 24, 2025, and maturing on December 15, 2025 [6][7]. Group 2: Interest Rate Trends - The overall trend for the interest rates of the Central Treasury Cash Management Time Deposits has been downward throughout the year, with the 1-month deposit rate decreasing from 2% in February to 1.73% in the latest auction [7][8]. - The interest rate for the 1-month deposit has seen fluctuations, with a peak of 2.08% in March and a low of 1.76% in October [8]. Group 3: Regulatory Framework - The Ministry of Finance and the People's Bank of China issued new rules in October 2025 to optimize the operation mechanism of the Central Treasury Cash Management Time Deposits, enhancing the coordination between fiscal and monetary policies [9][10]. - The new rules specify that the time deposits can have various maturities, generally within 1 year, and are subject to competitive bidding for interest rates [9].

Core Viewpoint - The People's Bank of China (PBOC) has announced the results of the latest treasury cash management deposit bidding, indicating a decrease in the 1-month deposit rate by 3 basis points to 1.73% [2][6]. Group 1: Bidding Results - The total amount for the 11th phase of the treasury cash management deposit is 120 billion, with a maturity of 1 month, starting from November 24, 2025, and maturing on December 22, 2025, at a rate of 1.73% [3][6]. - The total amount for the 12th phase of the treasury cash management deposit is 80 billion, with a maturity of 21 days, starting from November 24, 2025, and maturing on December 15, 2025 [5][6]. Group 2: Rate Trends - The bidding results show a trend of declining rates for treasury cash management deposits throughout the year, with the 1-month deposit rate decreasing from 2% in February to 1.73% in November [6][7]. - The 1-month deposit rate has seen fluctuations, with an increase to 2.08% in March, followed by a decrease of 30 basis points to 1.78% in July, and further declines in subsequent months [6][7]. Group 3: Regulatory Framework - The Ministry of Finance and the PBOC issued new rules on October 10, 2023, to optimize the treasury cash management deposit bidding process, enhancing coordination between fiscal and monetary policies [8]. - The rules specify that treasury cash management deposits are to be placed in commercial banks, with the banks required to pledge sufficient collateral to receive deposits and pay interest to the Ministry of Finance [8].

Core Points - The Ministry of Finance and the People's Bank of China conducted a tender for the 2025 Central Treasury Cash Management Commercial Bank Time Deposit on November 24, 2025, with a total bid amount of 120 billion yuan and a winning interest rate of 1.73% [1][2]. Summary by Category - **Tender Details** - Total bid amount: 120 billion yuan [2] - Start date: November 24, 2025 [2] - Maturity date: December 22, 2025 [2] - Winning interest rate: 1.73% [1][2]

Core Points - The central bank and the Ministry of Finance conducted a tender for the 2025 Central Treasury Cash Management Commercial Bank Time Deposit, with a total bid amount of 80 billion yuan [1][2]. Group 1 - The total amount of the tender was 80 billion yuan [2]. - The interest start date for the deposit is November 24, 2025, and the maturity date is December 15, 2025 [2].

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]

Core Points - The Ministry of Finance and the People's Bank of China will conduct a bidding for the 2025 Central Treasury Cash Management Commercial Bank Time Deposit (Phase 10) on October 23, 2025 [1] - The operation amount for this phase is set at 120 billion yuan, with a term of one month (28 days) [1] - The interest period will start on October 23, 2025, and the maturity date is November 20, 2025, with adjustments for holidays [1] - The bidding will be open to banks participating in the Central Treasury Cash Management Commercial Bank Time Deposit business [1]