北京商报讯（记者 廖蒙）10月10日，人民银行官网发布2025年9月中央银行各项工具流动性投放情况。 其中，9月短期逆回购净投放3902亿元，买断式逆回购净投放3000亿元，公开市场国债买卖净投放0元， 中期借贷便利（MLF）净投放3000亿元，抵押补充贷款（PSL）净回笼883亿元。 ...

人民财讯10月10日电，央行发布9月中央银行各项工具流动性投放情况。其中，短期逆回购净投放3902亿元，买断式逆回购净投放3000亿元，公开市场国债 买卖净投放0元，中期借贷便利(MLF)净投放3000亿元，抵押补充贷款(PSL)净回笼883亿元。 | 工具类型 | 工具名称 | ﻴﺔ | | --- | --- | --- | | 准备金 | 调整法定存款准备金率 | | | 中央银行贷款 | 常备借贷便利(SLF) | | | | 中期借贷便利(MLF) | ଚା | | | 抵押补充贷款 (PSL) | | | | 其他结构性货币政策工具 | 5 | | 公开市场业务 | 短期逆回购 | 73 | | | 买断式逆回购 | 1 € | | | 公开市场国债买卖 | | | | 中央国库现金管理 | 1 | ...

Group 1 - The central bank announced liquidity injection and withdrawal measures for August, with a net injection of 300 billion yuan through Medium-term Lending Facility (MLF) [1] - In August, the central bank conducted a net withdrawal of 53.4 billion yuan through short-term reverse repos [1] - The central bank also executed a net injection of 300 billion yuan via buyout reverse repos, while no public market transactions of government bonds were conducted during the month [1] Group 2 - Various monetary policy tools were utilized, including adjustments to the required reserve ratio, standing lending facility (SLF), MLF, and pledged supplementary lending (PSL) [2] - The central bank's open market operations included short-term reverse repos, buyout reverse repos, and cash management for the central treasury [2]

Core Insights - The People's Bank of China (PBOC) reported liquidity injection data for August 2025, indicating a mixed approach to monetary policy with both net injections and withdrawals across various tools [1] Group 1: Liquidity Tools Overview - The net injection from the Standing Lending Facility (SLF) was 0.2 billion yuan, while the Medium-term Lending Facility (MLF) saw a net injection of 300 billion yuan [1] - The PBOC conducted a net withdrawal of 160.8 billion yuan through the Pledged Supplementary Lending (PSL) and a net withdrawal of 53.4 billion yuan via short-term reverse repos [1] - A net injection of 300 billion yuan was recorded from the buyout reverse repos, with no public market transactions for government bonds during the month [1] Group 2: Detailed Tool Performance - The SLF had a total lending of 1.6 billion yuan and a repayment of 1.4 billion yuan, resulting in a net injection of 0.2 billion yuan [2] - The MLF had total lending of 600 billion yuan and repayments of 300 billion yuan, leading to a net injection of 300 billion yuan [2] - The PSL had total lending of 4 billion yuan and repayments of 16.12 billion yuan, resulting in a net withdrawal of 160.8 billion yuan [2] - The short-term reverse repos had total lending of 63.146 billion yuan and repayments of 63.680 billion yuan, leading to a net withdrawal of 53.4 billion yuan [2] - The buyout reverse repos had total lending of 12 billion yuan and repayments of 9 billion yuan, resulting in a net injection of 3 billion yuan [2] - The central treasury cash management showed total lending of 1.2 billion yuan and repayments of 2.2 billion yuan, resulting in a net withdrawal of 1 billion yuan [2]

Core Viewpoint - The People's Bank of China (PBOC) has released liquidity injection data for various monetary tools as of September 2, 2025, indicating a net injection of 300 billion yuan through Medium-term Lending Facility (MLF) and a net withdrawal of 160.8 billion yuan through Pledged Supplementary Lending (PSL) [1][3]. Group 1: Central Bank Loans - The MLF saw a net injection of 600 billion yuan, with a subsequent net injection of 300 billion yuan reported [3]. - PSL experienced a net withdrawal of 161.2 billion yuan, indicating a tightening in this area [3]. - The Standing Lending Facility (SLF) had a net injection of 16 million yuan and a net withdrawal of 14 million yuan [3]. Group 2: Open Market Operations - The short-term reverse repos had a net injection of 63.146 billion yuan, while net withdrawals amounted to 63.680 billion yuan [3]. - The buyout reverse repos reported a net injection of 12 billion yuan and a net withdrawal of 9 billion yuan [3]. - There were no transactions in the open market for government bonds [3].

Core Viewpoint - The People's Bank of China (PBOC) has implemented various liquidity measures in July, resulting in a net liquidity injection into the financial system. Group 1: Liquidity Injection Details - In July, the PBOC conducted a Medium-term Lending Facility (MLF) injection of 400 billion yuan, with a withdrawal of 300 billion yuan, resulting in a net injection of 100 billion yuan [1] - The PBOC executed a reverse repurchase agreement (repo) with a total injection of 1.4 trillion yuan and a withdrawal of 1.2 trillion yuan, leading to a net injection of 200 billion yuan [1] - Short-term reverse repos amounted to 56.67 billion yuan in injections and 54.787 billion yuan in withdrawals, achieving a net injection of 18.8 billion yuan [1] - The PBOC provided 116.3 billion yuan through the Pledged Supplementary Lending (PSL) but withdrew 346.3 billion yuan, resulting in a net withdrawal of 230 billion yuan [1] Group 2: Market Operations - In July, the PBOC did not conduct any open market operations involving the buying or selling of government bonds [1]

Core Insights - The People's Bank of China (PBOC) reported liquidity conditions for July 2025, indicating a mixed approach to monetary policy with both net withdrawals and injections across various tools [1] Group 1: Liquidity Tools Overview - In July, the Standing Lending Facility (SLF) experienced a net withdrawal of 300 million yuan [1][2] - The Medium-term Lending Facility (MLF) saw a net injection of 100 billion yuan [1][2] - The Pledged Supplementary Lending (PSL) had a net withdrawal of 230 billion yuan [1][2] - The Short-term Reverse Repo recorded a net injection of 188 billion yuan [1][2] - The Buyout Reverse Repo also had a net injection of 200 billion yuan [1][2] - No open market transactions for government bonds were conducted in July [1] Group 2: Detailed Tool Performance - SLF: 14 billion yuan injected, 17 billion yuan withdrawn, resulting in a net withdrawal of 3 billion yuan [2] - MLF: 40 billion yuan injected, 30 billion yuan withdrawn, resulting in a net injection of 10 billion yuan [2] - PSL: 116.3 billion yuan injected, 346.3 billion yuan withdrawn, resulting in a net withdrawal of 23 billion yuan [2] - Other structural monetary policy tools: 41.76 billion yuan injected, 41.88 billion yuan withdrawn, resulting in a net withdrawal of 1.2 billion yuan [2] - Short-term Reverse Repo: 56.67 billion yuan injected, 54.787 billion yuan withdrawn, resulting in a net injection of 1.88 billion yuan [2] - Buyout Reverse Repo: 14 billion yuan injected, 12 billion yuan withdrawn, resulting in a net injection of 2 billion yuan [2] - Central Treasury Cash Management: 10 billion yuan injected, 12 billion yuan withdrawn, resulting in a net withdrawal of 2 billion yuan [2]

Group 1 - The People's Bank of China reported a net liquidity injection of 100 billion yuan through Medium-term Lending Facility (MLF) and 200 billion yuan through reverse repos, with no transactions in government bonds in the open market [1] - The liquidity tools mentioned include required reserve ratio adjustments, standing lending facility (SLF), MLF, pledged supplementary lending (PSL), and other structural monetary policy tools [3] - The open market operations consist of short-term reverse repos, buyout reverse repos, government bond transactions, and central treasury cash management [3]

Core Viewpoint - The People's Bank of China (PBOC) is actively managing liquidity in the banking system through various monetary policy tools, including reverse repos and MLF operations, to ensure sufficient market liquidity while gradually replacing MLF with reverse repos [1][4]. Group 1: Reverse Repo Operations - In February 2025, the PBOC conducted a total of 1.4 trillion yuan in reverse repo operations, consisting of 900 billion yuan for 3-month (91 days) and 500 billion yuan for 6-month (182 days) terms [1][3]. - The reverse repo operations are aimed at maintaining liquidity in the market, with the PBOC continuing to implement these operations despite a reduction in MLF [2][4]. Group 2: MLF and Liquidity Management - The PBOC's MLF operations saw a net withdrawal of 200 billion yuan in February, indicating a strategic shift towards reverse repos for liquidity management [2][4]. - Since October 2024, the PBOC has been reducing MLF balances while ensuring monthly net liquidity injections through various operations, including reverse repos and government bond transactions [4]. Group 3: Future Outlook - The reverse repo operations conducted in February will mature in late May and late August 2025, with additional reverse repos maturing in March and April due to previous operations [5]. - Market experts anticipate that the PBOC will continue to replace MLF with reverse repos, thereby diminishing the significance of MLF interest rates in monetary policy [4].