Core Viewpoint - The Shanghai Interbank Offered Rate (Shibor) has seen a significant increase across short-term products, with the overnight rate rising by 14.5 basis points to 1.508% on November 17, 2025, indicating tightening liquidity in the banking system [1][2]. Group 1: Shibor Rate Changes - The overnight Shibor rate increased by 14.5 basis points to 1.508% on November 17, 2025 [1][2]. - The 14-day Shibor rate is reported at 1.550%, which is higher than the 1-month rate of 1.520%, creating an inversion [1][2]. - Other Shibor rates include 1-week at 1.514%, 1-month at 1.520%, 3-month at 1.580%, 6-month at 1.620%, 9-month at 1.640%, and 1-year at 1.650% [2]. Group 2: Central Bank Actions - The central bank announced an operation to conduct a reverse repurchase agreement of 800 billion yuan with a fixed amount and interest rate, with a term of 6 months (182 days) on November 17 [2]. - This operation is aimed at providing liquidity support to the banking system amid tightening conditions [3]. Group 3: Market Analysis - The release of 500 billion yuan in new policy financial instruments in October has led to an increase in entrusted loans, which is expected to drive the issuance of medium to long-term loans [3]. - The upcoming maturity of bank interbank certificates in November is anticipated to further tighten liquidity, necessitating support from the central bank [3].

北京商报讯 （记者 岳品瑜 实习生 岳雯艳）11月17日，据人民银行官网此前公告，为保持银行体系流动 性充裕，中国人民银行以固定数量、利率招标、多重价位中标方式开展8000亿元买断式逆回购操作，期 限为6个月。 ...

Core Points - The People's Bank of China (PBOC) will conduct a reverse repurchase operation of 800 billion yuan to maintain ample liquidity in the banking system [1] - The operation will be conducted on November 17, 2025, with a term of 6 months (182 days) [1] - The reverse repurchase will be executed through a fixed quantity, interest rate bidding, and multiple price level bidding method [1]

为保持银行体系流动性充裕，2025年11月17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8000亿元买断式逆回购操作，期限为6个月（182天）。 ...

Core Viewpoint - To maintain ample liquidity in the banking system, the People's Bank of China will conduct a 800 billion yuan reverse repurchase operation on November 17, 2025, with a term of 6 months (182 days) using a fixed quantity, interest rate bidding, and multiple price bidding method [1] Group 1 - The operation amount is set at 800 billion yuan [1] - The reverse repurchase operation will have a duration of 6 months (182 days) [1] - The method of operation includes fixed quantity, interest rate bidding, and multiple price bidding [1]

人民财讯11月14日电，为保持银行体系流动性充裕，2025年11月17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8000亿元买断式逆回购操作，期限为6个月(182天)。 ...

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 700 billion yuan reverse repurchase operation on November 5, indicating a continuation of liquidity support in the market [1][4] Group 1: Reverse Repo Operations - The PBOC will conduct a 700 billion yuan reverse repo operation with a term of 3 months, which is equivalent to rolling over the same amount of maturing reverse repos [1] - Market institutions expect another 6-month reverse repo operation in November, indicating a continued net injection of liquidity [1][4] - Since June, the PBOC has been conducting two different term reverse repo operations each month, maintaining a stable liquidity environment [4] Group 2: Government Bond Operations - In October, the PBOC resumed government bond trading operations, injecting 20 billion yuan into the market, which is seen as a significant signal despite the small amount [1][7] - The resumption of government bond operations is expected to improve market sentiment and reverse bearish expectations in the bond market [8] - The 10-year government bond yield has decreased from 1.8423% to 1.7984% following the announcement of resumed operations, indicating a positive market response [8] Group 3: Market Impact and Expectations - The PBOC's actions are aimed at addressing potential liquidity tightening and maintaining a stable funding environment [4][5] - Analysts suggest that the PBOC will continue to use reverse repos and medium-term lending facilities (MLF) to inject liquidity into the market [5] - The need for the PBOC to buy government bonds is driven by the maturity of previously purchased bonds, with estimates suggesting a need to buy between 700 billion to 1 trillion yuan to maintain stable holdings [9]

Core Points - The People's Bank of China conducted a 1,175 billion yuan reverse repurchase operation with a rate of 1.40%, maintaining the previous level, resulting in a net withdrawal of 3,578 billion yuan due to 4,753 billion yuan of reverse repos maturing on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) showed slight fluctuations, with the overnight Shibor decreasing by 0.10 basis points to 1.3150%, while the 7-day and 14-day Shibor increased by 0.30 and 0.90 basis points, respectively, to 1.4150% and 1.4780% [1][2] Market Rates Summary - The weighted average rates for the interbank pledged repo market showed minor increases for DR001 and DR007, while other products experienced slight declines. Specifically, DR001 and R001 increased by 0.2 basis points to 1.3148% and 1.3621%, with transaction volumes rising by 155 billion yuan and 2,653 billion yuan, respectively [4] - The overall funding environment appeared relaxed, with significant liquidity in the market. The overnight repo rates fluctuated, with the lowest transaction rate reaching 1.30% by the end of the trading day [10] Upcoming Operations - To maintain liquidity in the banking system, the People's Bank of China plans to conduct a 700 billion yuan reverse repurchase operation on November 5, 2025, with a term of three months [13]

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 700 billion yuan reverse repurchase operation on November 5, indicating a continuation of liquidity support in the market, particularly through medium-term funding tools [1][4]. Group 1: Reverse Repo Operations - The PBOC will carry out a 700 billion yuan reverse repo operation with a term of three months, which is equivalent to rolling over the same amount of maturing reverse repos [1]. - Market institutions expect the PBOC to conduct another six-month reverse repo operation in November, maintaining a net injection of liquidity [1][4]. - Since October last year, the PBOC has consistently used reverse repo operations to address medium to long-term funding gaps [4]. Group 2: Government Bond Operations - In October, the PBOC resumed government bond trading operations, injecting 20 billion yuan into the market, which is seen as a significant signal despite the small amount [1][6]. - The resumption of government bond operations is expected to improve market sentiment and reverse bearish expectations in the bond market [7]. - The 10-year government bond yield has decreased from 1.8423% to 1.7984% following the announcement of resumed operations, indicating a positive market response [7]. Group 3: Market Impact and Expectations - Analysts believe that the PBOC's actions will help stabilize the banking system's liquidity and maintain a supportive monetary policy stance [4][5]. - The PBOC's use of reverse repos and government bond operations is aimed at managing liquidity effectively, especially in light of potential tightening pressures [4][5]. - To maintain a stable scale of government bond holdings, the PBOC may need to purchase between 700 billion to 1 trillion yuan of bonds this year [8].

Group 1 - The People's Bank of China (PBOC) announced a liquidity injection to maintain ample liquidity in the banking system [1] - On November 5, 2025, the PBOC will conduct a 700 billion yuan reverse repurchase operation using a fixed quantity and interest rate bidding method [1] - The operation will have a term of 3 months (91 days) [1]