新华财经北京8月26日电 中国人民银行26日公告，以固定利率、数量招标方式开展了4058亿元逆回购操 作，操作利率为1.40%，继续与此前持平；鉴于当日有5803亿元逆回购到期，公开市场净回笼短期流动 性1745亿元。 此外，26日有3000亿元中期借贷便利（MLF）到期，不过人民银行已于25日提前开展了6000亿元操 作，意味着本月MLF净投放量达3000亿元，为连续第六个月加量续做。 "再结合买断式逆回购净投放情况，人民银行在8月中期流动性净投放规模达到6000亿元，是今年2月以 来最大规模净投放，继续展现了适度宽松的货币政策取向。"中国民生银行首席经济学家温彬说。 往后看，受访人士预计，鉴于7月信贷、社零、投资增速等均有放缓，近期票据利率也仍然呈现下行态 势，且考虑到8月、9月政府债发行继续放量，中国人民银行要维持适宜的金融环境，流动性依然可以保 持乐观。 温彬还提到，鉴于当前货币政策重心正转向"落实落细"，更关注政策执行效果和灵活应对。短期内降准 概率应该不大，中国人民银行更可能通过买断式逆回购和MLF等政策工具保持市场流动性充裕，后续 MLF或还会加量续做，多种工具结合，使得市场流动性持续处于稳中偏 ...

Core Viewpoint - The People's Bank of China conducted a reverse repurchase operation amounting to 214.8 billion yuan on July 22, 2025, using a fixed interest rate and quantity tendering method [1] Group 1 - The operation was aimed at providing liquidity to the financial system [1] - The fixed interest rate and quantity tendering method indicates a strategic approach to manage monetary policy [1] - The amount of 214.8 billion yuan reflects a significant intervention in the market [1]

Group 1 - The People's Bank of China (PBOC) conducted a total of 700 billion yuan reverse repurchase operations on May 30, 2025, to maintain ample liquidity in the banking system [1] - The reverse repurchase operations included 400 billion yuan for a 3-month term and 300 billion yuan for a 6-month term [2] - Additionally, the PBOC executed a 7-day reverse repurchase operation amounting to 291.1 billion yuan at a fixed interest rate of 1.40%, consistent with the previous trading day [3][4] Group 2 - On the same day, various funding rates showed mixed movements, with the overnight Shanghai Interbank Offered Rate (Shibor) remaining unchanged at 1.411%, while the 7-day Shibor increased by 2.4 basis points to 1.602% [5] - The weighted average rate of the DR007 repo rose to 1.633%, exceeding the policy rate level, indicating a potential short-term disturbance in the funding environment [5] - The Shanghai government announced that during the upcoming Lujiazui Forum, significant financial policies will be released by central financial management departments [5][6] Group 3 - The PBOC is accelerating the development of policies to support the construction of Shanghai as an international financial center, with several initiatives already launched this year [6] - Recent policies include enhancing cross-border financial services and supporting the establishment of a "technology board" in the bond market [6] - The Lujiazui Forum, scheduled for June 18-19, 2025, has been a significant platform for discussing major economic and financial issues since its inception in 2008 [6]

Group 1 - The People's Bank of China (PBOC) conducted a reverse repurchase operation of 1.2 trillion yuan on April 30, 2025, using a fixed quantity, interest rate bidding, and multiple price bidding method [1][6] - The operation included 700 billion yuan for a 3-month term and 500 billion yuan for a 6-month term [5] - Additionally, the PBOC carried out a reverse repurchase operation of 530.8 billion yuan with a fixed interest rate of 1.5% on the same day [6][11] Group 2 - The PBOC did not conduct any public market treasury bond transactions in April 2025 [12] - The liquidity in the market showed mixed trends, with the overnight Shanghai Interbank Offered Rate (Shibor) decreasing by 6.2 basis points to 1.541%, while the 7-day Shibor increased by 2.5 basis points to 1.748% [15] - Analysts predict a relatively large liquidity gap in May, but expect the PBOC to maintain a supportive stance on liquidity, keeping interest rates loose [15]