此外，抵押补充贷款（PSL）当月无投放，回笼56亿元，导致净回笼56亿元；其他结构性货币政策工具 投放6389亿元，回笼4795亿元，实现净投放1594亿元。 人民银行网站1月5日消息，央行公布的2025年12月份各项工具流动性投放情况显示，央行各项工具净投 放流动性8028亿元。 | | | 中国人民银行 THE PEOPLE'S BANK OF CHINA | | 货币政策司 Monetary Policy Department | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 配買取 | | 货博被服 | 質の放置 变凝申佩 | 值贷政策 | ▲题章场 | 会副是文 | 清显缓计 | 图们全体 文件保具 | | 信息公开 | 血酸料技 | 人民币 | 外游览库 同国文集 | 人类推象 | 中求安厦 | 任命管理 | 反腐性 | 文康工作 | | 胶备会用 | | 成員評鑑 | 会管管理 同文具属 | 负着特殊 | 量源视剧 | 章节目本 | 用上展厅 | 發骨下家 张刚午落 | | 服务互动 | 网球文件 | 办事大厅 ...

中国人民银行1月5日公布的2025年12月份各项工具流动性投放情况显示，当月，中期借贷便利 （MLF）投放4000亿元，回笼3000亿元，实现净投放1000亿元。 投放情况还显示，2025年12月份公开市场国债买卖净投放500亿元，中央国库现金管理净投放100亿元。 此外，7天期逆回购投放35361亿元，回笼34542亿元，实现净投放819亿元。 ...

证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 突发！002715，实控人被抓！ 丨 全线大涨！亚太股市爆发 丨 突破4000点！这一概念，批量涨 停！ 丨 八大交易所，最新发声！ 丨 黑天鹅突袭！影响有多大？ 丨 利好！上海，重大发布！ 丨 300658，明起停牌！重大资产重组 丨 一娃难求→部分破发！"盲盒界的爱马仕"发生了什么？ 丨 巴 菲特，最新发声！ 丨 特朗普：美国将"管理"委内瑞拉！美大型石油公司将进入！威胁古巴、哥伦比 亚…… 来源：金融时报 责编：叶舒筠 校对： 刘榕枝 版权声明 1月5日，央行公布2025年12月各项工具流动性投放情况： 中央银行贷款方面，常备借贷便利（SLF）净投放71亿元；中期借贷便利（MLF）净投放 1000亿元，抵押补充贷款（PSL）净回笼56亿元，其他结构性货币政策工具净投放1594亿 元。 公 ...

此外，7天期逆回购投放35361亿元，回笼34542亿元，实现净投放819亿元。（记者任军、吴雨） 【纠错】 【责任编辑:邱丽芳】 投放情况还显示，2025年12月份公开市场国债买卖净投放500亿元，中央国库现金管理净投放100亿 元。 中国人民银行1月5日公布的2025年12月份各项工具流动性投放情况显示，当月，中期借贷便利 （MLF）投放4000亿元，回笼3000亿元，实现净投放1000亿元。 ...

1月5日，央行公布2025年12月各项工具流动性投放情况： 来源：金融时报客户端 中央银行贷款方面，常备借贷便利（SLF）净投放71亿元；中期借贷便利（MLF）净投放1000亿元，抵押补充贷款（PSL）净回笼56亿元，其他结构性货 币政策工具净投放1594亿元。 公开市场业务方面，7天期逆回购净投放819亿元，其他期限逆回购净投放4000亿元，公开市场国债买卖净投放500亿元，中央国库现金管理净投放100亿 元。 | | 2025年12月中央银行各项工具流动性投放情况 | | | --- | --- | --- | | 字号 | 文章来源:货币政策司 | 2026-01-05 19:00:00 | | | | 打印本页 关闭窗口 | | 工具类型 | 工具名称 | 投放 | 回笼 | 净投放 | | --- | --- | --- | --- | --- | | 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) | 100 | 29 | 71 | | | 中期借贷便利(MLF) | 4000 | 3000 | 1000 | | | 抵押补充贷款 (PS ...

| 工具类型 | 工具名称 | 投放 | 回笼 | 净投放 | | --- | --- | --- | --- | --- | | 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) | 100 | 29 | 71 | | | 中期借贷便利(MLF) | 4000 | 3000 | 1000 | | | 抵押补充贷款(PSL) | 0 | રે | -રેર | | | 其他结构性货币政策工具 | 6389 | 4795 | 1594 | | 公开市场业务 | 7天期逆回购 | 35361 | 34542 | 819 | | | 其他期限逆回购 | 18000 | 14000 | 4000 | | | 公开市场国债买卖 | 500 | 0 | 500 | | | 中央国库现金管理 | 2100 | 2000 | 100 | 责任编辑：曹睿潼 | 工具类型 | 工具名称 | 投放 | 回笼 | 净投放 | | --- | --- | --- | --- | --- | | 准备金 | 调整法定存款准备金率 | - | - | | | 中央银行贷款 | 常备 ...

（原标题：央行，大动作！） "短期流动性操作方面，11月7天期逆回购净回笼5562亿元，主要源于前期跨月投放的逆回购到期，央行 顺势回笼资金，避免过量短期资金在市场淤积。"王青表示。 招联首席研究员、上海金融与发展实验室副主任董希淼认为，11月，央行通过多种货币政策工具的组合 运用，坚持适度宽松的基调，整体上保持流动性净投放，继续维持流动性充裕。预计12月央行将继续维 持流动性合理充裕，为全年收官工作营造适宜的货币金融环境。 【导读】央行公布11月流动性投放情况，专家预计年末流动性仍将充裕 中国基金报记者 张玲 12月2日，人民银行公布2025年11月中央银行各项工具流动性投放情况。数据显示，11月买断式逆回 购、中期借贷便利（MLF）分别净投放5000亿元、1000亿元，公开市场国债买卖净投放500亿元。 多位业内人士认为，11月央行坚持适度宽松的基调，整体上保持流动性净投放，预计12月将继续通 过"组合拳"保障市场流动性充裕。 东方金诚首席宏观分析师王青分析称，11月央行综合运用MLF和买断式逆回购，向市场注入中期流动 性6000亿元，旨在助力政府债券顺利发行，支持银行加大信贷投放力度。 数据显示，11月 ...

Core Viewpoint - The People's Bank of China (PBOC) maintains a moderately loose monetary policy, ensuring ample liquidity in the market as it continues to inject funds through various tools, with expectations for continued support in December [2][5][6]. Group 1: Liquidity Injection Details - In November, the PBOC conducted a net injection of 500 billion yuan through reverse repos and 1 trillion yuan through Medium-term Lending Facility (MLF), totaling a liquidity injection of 6 trillion yuan [2][5]. - The average monthly rate for the 7-day reverse repo was 1.47%, remaining stable compared to the previous month, while the 1-year AAA-rated interbank certificate of deposit yield decreased by 3 basis points to 1.63% [5]. - The PBOC's operations included a net injection of 500 billion yuan through government bond transactions, which is an increase of 300 billion yuan from the previous month, indicating a stable bond market [5][6]. Group 2: Market Reactions and Expectations - Analysts suggest that the PBOC's liquidity measures are aimed at supporting government bond issuance and encouraging banks to increase credit lending [5][6]. - The bond market remains under pressure despite the liquidity easing, with expectations that the PBOC will continue to stabilize market sentiment through its operations [5][6]. - There is an anticipation of over 2.5 trillion yuan in public market operations maturing in December, leading to expectations of continued liquidity support through MLF and reverse repos [6][7]. Group 3: Future Monetary Policy Outlook - Economists predict that the PBOC may implement further monetary policy adjustments, including potential reductions in the reserve requirement ratio and policy rates, possibly in the first quarter of 2026 [7]. - The overall stance of maintaining ample liquidity is expected to persist, with adjustments made as necessary to address year-end liquidity pressures [7].

Core Viewpoint - The People's Bank of China (PBOC) has resumed government bond trading operations, injecting long-term liquidity into the banking system, signaling a supportive monetary policy stance to stabilize macroeconomic performance in Q4 2025 and Q1 2026 [3][4]. Group 1: Central Bank Operations - In November 2025, the PBOC conducted a net injection of 50 billion yuan through government bond trading, an increase of 30 billion yuan compared to October [3]. - The PBOC's actions reflect a favorable overall operation of the bond market, allowing for the resumption of bond trading after a pause due to previous market imbalances [3][4]. - The central bank's liquidity tools included a net injection of 254 billion yuan through the Pledged Supplementary Lending (PSL) and 1,150 billion yuan through other structural monetary policy tools, alongside a net injection of 1,000 billion yuan via Medium-term Lending Facility (MLF) [4][5]. Group 2: Market Conditions and Economic Indicators - The liquidity market remained relatively loose in October, with low fluctuations in repo rates, although there was a marginal increase in certificate of deposit rates [4]. - The overall net liquidity injection in November amounted to 650 billion yuan, slightly higher than in October, indicating a continued effort to support the economy [6]. - Economic indicators such as the GDP growth rate of 4.8% in Q3 and a PMI average of 49.85% for October-November suggest a slowdown in economic activity, reinforcing the need for supportive monetary policies [8]. Group 3: Future Outlook - The PBOC's bond buying amounts are critical indicators; larger purchases may boost expectations for a looser monetary policy, while smaller amounts could dampen market confidence [8]. - As the year-end approaches, there may be increased pressure on funding, although the current liquidity remains ample, with potential for a short-term spike in funding rates [8]. - The bond market is expected to remain under pressure from new fund sales regulations, with 10-year government bond yields likely fluctuating between 1.75% and 1.85% [8].

Core Insights - The People's Bank of China (PBOC) has implemented multiple liquidity injection tools in November 2025, resulting in a net liquidity injection of 500 billion yuan from open market treasury transactions, 254 billion yuan from pledged supplementary loans, 1150 billion yuan from other structural monetary policy tools, and 1000 billion yuan from medium-term lending facilities (MLF) [1] Group 1 - In November, the PBOC's net liquidity injection totaled 2904 billion yuan across various tools [1] - Despite a net withdrawal from the 7-day reverse repurchase operations, the overall liquidity situation was improved through the use of medium- and long-term liquidity tools [1] - Industry experts anticipate that the PBOC will take multiple actions in December to ensure ample market liquidity, especially as the year-end approaches with increased government bond issuance and maturing interbank certificates of deposit [1]