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 ...

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 ...

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 ...

Core Viewpoint - The central economic work conference reiterated the implementation of a moderately loose monetary policy, emphasizing the flexible and efficient use of various policy tools such as reserve requirement ratio (RRR) cuts and interest rate reductions, indicating a proactive approach to economic stabilization and growth [1][12]. Summary by Sections Review of Monetary Policy Operations This Year - The shift in monetary policy from "prudent" to "moderately loose" was signaled during the Central Political Bureau meeting in December last year, leading to a significant decline in the 10-year government bond yield, which fell by 88 basis points over the year, marking the largest drop in a decade [2][6]. - The 10-year government bond yield reached a record low of below 1.6% after the New Year and Spring Festival [2]. Key Aspects of Monetary Policy - The People's Bank of China (PBOC) has confirmed that "moderately loose" reflects the supportive nature of recent monetary policy actions, with a focus on maintaining liquidity and optimizing the structure of monetary policy tools [5][14]. - In 2023, the PBOC implemented only one RRR cut of 50 basis points, compared to two cuts totaling 100 basis points in the previous year, and reduced the policy interest rate for the 7-day reverse repurchase agreement by 10 basis points [6][8]. Outlook for Next Year's Monetary Policy - The continuation of a moderately loose monetary policy is expected, with the central economic work conference acknowledging ongoing challenges such as external economic pressures and domestic supply-demand imbalances [9][10]. - The emphasis will be on enhancing policy coordination, integrating various economic policies to support stable growth, employment, and market expectations [11][12]. Implementation Strategies - The PBOC aims to maintain a supportive monetary policy stance while avoiding excessive liquidity injections, focusing on precise measures and leaving room for adjustments based on economic conditions [12][14]. - The integration of fiscal and monetary policies will be crucial, with examples such as the fiscal subsidy policy for personal consumption loans highlighting the collaboration between these sectors [11][12]. Risk Management and Financial Stability - The central economic work conference stressed the importance of balancing economic growth with risk prevention, enhancing the monitoring and assessment of financial risks, and maintaining stability in financial markets [17][18]. - The PBOC is tasked with building a robust monetary policy framework and improving the transparency of policy communication to bolster public confidence [18].

Monetary Policy Overview - The central economic work conference reiterated the implementation of a moderately loose monetary policy, emphasizing the flexible and efficient use of various policy tools such as reserve requirement ratio (RRR) cuts and interest rate reductions [1][6][10] - The shift in monetary policy tone from "prudent" to "moderately loose" was signaled during the Central Political Bureau meeting in December last year, leading to expectations of larger RRR cuts and interest rate reductions in 2025 [2][3] Market Reactions and Trends - The 10-year government bond yield fell by 88 basis points over the past year, marking the largest decline in a decade, with a record low of below 1.6% reached after the New Year and Spring Festival [2][5] - Despite the shift to a moderately loose policy, the 10-year bond yield increased by 16 basis points as of December 26, primarily due to the market's anticipation of monetary easing being priced in [5] Policy Implementation and Tools - In 2023, the People's Bank of China (PBOC) implemented a series of financial measures, including a single RRR cut of 50 basis points and a 10 basis point reduction in the 7-day reverse repurchase rate, which was less aggressive than the previous year's actions [3][4] - The PBOC utilized various tools such as open market operations, medium-term lending facilities (MLF), and structural monetary policy tools to maintain ample liquidity in the market [4][10] Economic Indicators - As of November, the broad money supply (M2) grew by 8.0% year-on-year, with a 0.9 percentage point increase compared to the previous year, while the social financing scale increased by 8.5% [4] - The macro leverage ratio, measured by M2 and social financing stock relative to annual GDP, increased by 9.1 and 11.5 percentage points respectively, indicating a more relaxed monetary environment [4] Future Policy Directions - The central economic work conference highlighted the need for enhanced policy "synergy," focusing on the integration of existing and new monetary policies to support economic stability and growth [8][9] - The PBOC aims to balance short-term and long-term goals, ensuring that monetary policy supports economic growth while managing risks effectively [9][12]

Core Viewpoint - The divergence in global monetary policies by the end of 2025 reflects the differences in economic fundamentals, inflation pressures, and policy space among countries, with China providing a stabilizing force for global recovery [1][2]. Group 1: Economic Conditions and Monetary Policies - The U.S. economy is characterized by "weak growth + mild inflation," with Q3 GDP growth slowing to 2.1% and a low unemployment rate of 4.1%, but manufacturing PMI has contracted for eight consecutive months, indicating weak corporate investment confidence [2]. - The Federal Reserve has cut interest rates by a total of 75 basis points this year to balance cooling employment with persistent inflation risks, but limited room for further cuts is expected in 2026 due to core inflation remaining above the 2% target and high fiscal deficits [2]. - The European Central Bank has paused its rate cuts since July 2025, entering a "data-dependent" observation phase, as core inflation remains above target despite overall inflation easing, compounded by geopolitical uncertainties affecting energy supply [2]. - The Bank of Japan has accelerated its exit from ultra-loose monetary policy, raising rates by 25 basis points to 0.75% in December to address imported inflation and yen depreciation risks, although domestic consumption and high debt levels remain long-term challenges [2]. Group 2: Emerging Markets and Capital Flows - Emerging markets exhibit significant monetary policy divergence, with countries like India and Vietnam maintaining loose policies to support growth, while Brazil and Argentina tighten policies due to inflation and capital outflow risks [3]. - The global monetary policy divergence has led to a restructuring of capital flows, increased exchange rate volatility, and asset price reassessment, with the U.S. dollar index depreciating by 4.2% this year, encouraging capital to flow back to emerging markets [3]. - Emerging market assets are attracting international capital due to higher yields and growth potential, alleviating some financing pressures, but risks of capital flight and asset price declines loom if global risk appetite diminishes [3]. Group 3: China's Economic Resilience and Policy Measures - China's economy demonstrates unique resilience with a GDP growth of 5.2% year-on-year in the first three quarters of 2025, driven by final consumption contributing 53.5% to economic growth [4]. - Manufacturing investment has increased by 7.9%, with high-tech and equipment manufacturing investments growing by 12.3% and 10.5% respectively, indicating successful industrial upgrades [4]. - China is implementing a combination of proactive fiscal policies and moderately loose monetary policies, with the central fiscal deficit rate rising to 3.8% and local government special bond issuance expanding to 4.2 trillion yuan to support urban renewal and green transformation [4]. Group 4: Foreign Investment and Trade Initiatives - China is countering external uncertainties through high-level opening-up, reducing the negative list for foreign investment to 27 items and enhancing openness in finance, telecommunications, and education [5]. - Actual foreign investment in China reached 1.1 trillion yuan from January to November, a year-on-year increase of 6.3%, with high-tech industries accounting for 38.7% of foreign investment, indicating improved quality in attracting foreign capital [5]. - China is actively promoting the implementation of the Regional Comprehensive Economic Partnership (RCEP) and applying to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA) to lower trade barriers [6].

Group 1 - The People's Bank of China (PBOC) conducted a reverse repurchase operation of 79.3 billion yuan with a fixed rate of 1.4%, resulting in a net withdrawal of 134 billion yuan due to 213.3 billion yuan of reverse repos maturing on the same day [1] - The continuous reverse repo operations in early December aim to smooth short-term liquidity fluctuations and maintain a reasonable level of market funds, reflecting the PBOC's precise adjustments based on market demand [1][2] - The overall liquidity in December is expected to remain stable, with the PBOC likely using various tools to adjust market liquidity and avoid significant fluctuations [4][5] Group 2 - The PBOC is expected to counteract the maturing funds through measures such as Medium-term Lending Facility (MLF) and reverse repos, focusing on maintaining a balanced approach to liquidity [2][3] - In November, the PBOC net injected 100 billion yuan through MLF and 25.4 billion yuan through pledged supplementary lending (PSL), indicating a commitment to maintaining liquidity [2] - The PBOC's operations are characterized by a "lock short, lend long" strategy, which stabilizes expectations and ensures that liquidity remains ample, particularly in light of year-end government bond issuance and bank assessments [3][4]

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 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 [1][2]. Group 1: Government Bond Trading - In November, the PBOC conducted a net injection of 50 billion yuan through government bond trading, an increase of 30 billion yuan compared to the previous month [1]. - The resumption of government bond trading follows a period of suspension due to imbalances in the bond market and accumulated market risks, indicating improved market conditions [1]. - Analysts suggest that the increased net injection in November reflects a relatively loose liquidity environment and aims to soothe market sentiment amid a slowing stock market [1][2]. Group 2: Liquidity Tools and Net Injection - In addition to government bonds, the PBOC's liquidity measures included a net injection of 254 billion yuan through the Pledged Supplementary Lending (PSL), 1,150 billion yuan through other structural monetary policy tools, and 1,000 billion yuan through Medium-term Lending Facility (MLF) [2]. - The total net injection of long-term liquidity in November reached 6,500 billion yuan, slightly higher than in October, indicating a continued effort to maintain liquidity in the financial system [3][4]. Group 3: Economic Indicators and Future Outlook - The average PMI for October and November was 49.85%, significantly lower than the 50.43% average in Q3, suggesting a slowdown in economic activity [4]. - Looking ahead, analysts expect the PBOC to maintain a policy of ample liquidity, with potential year-end funding pressures that could lead to short-term fluctuations in funding rates [5].

Core Viewpoint - The People's Bank of China (PBOC) has resumed government bond trading operations to inject long-term liquidity into the banking system, signaling a supportive monetary policy stance aimed at stabilizing macroeconomic operations in Q4 of this year and Q1 of next year [2][3]. Group 1: Monetary Policy Actions - In November, the PBOC conducted a net injection of 50 billion yuan through government bond trading, an increase of 30 billion yuan compared to the previous month [2]. - The PBOC's actions reflect a favorable overall operation of the bond market, allowing for the resumption of government bond trading after a pause due to previous market imbalances [2]. - The central bank's continuous bond trading operations indicate a commitment to maintaining a supportive monetary policy, which is expected to release signals for stable growth [2][3]. Group 2: Liquidity Injection Details - In addition to government bonds, the PBOC reported net injections of 254 billion yuan through the Pledged Supplementary Lending (PSL), 1,150 billion yuan through other structural monetary policy tools, and 1,000 billion yuan through Medium-term Lending Facility (MLF) [3]. - The total net liquidity injection for November, including the aforementioned tools, reached 6,500 billion yuan, slightly higher than in October [4]. - The increase in net liquidity injections is seen as a response to the rising financing needs of government bonds and the upcoming maturity of interbank certificates of deposit [4]. Group 3: Economic Indicators and Future Outlook - The GDP growth rate for Q3 was reported at 4.8%, while the average PMI for October and November was 49.85%, indicating a significant slowdown compared to the previous quarter [5]. - Analysts suggest that the amount of bonds purchased by the central bank in November will be a critical observation point, as larger purchases may boost expectations for a looser monetary policy [5]. - Looking ahead, the PBOC is expected to maintain a policy of ample liquidity, although there may be year-end pressures on funding, which could lead to potential fluctuations in funding rates [6].